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ONGC looks for buyers for deep-water field in KG Basin

KG Basin will be the first to supply under the new procedure that permits companies to charge a much higher rate for productivity from challenging fields

Policy Pulse
Publish Date: Jul 15 2016 10:12AM | Updated Date: Jul 15 2016 10:12AM

ONGC looks for buyers for deep-water field in KG Basin

 Oil and Natural Gas Corporation (ONGC) is looking for buyers for gas from a deep-water field in the KG Basin, a report in ‘The Economic Times’ has said.

 
KG Basin will be the first to supply under the new procedure that permits companies to charge a much higher rate for productivity from challenging fields. 
 
A well at Vashishta & S1 field off the eastern coast, which has been allowed by the government to extract higher price, has been producing for almost a month, pumping out half a million standard cubic metres a day, the report quoted Tapas Kumar Sengupta, director (offshore) at ONGC as saying. 
 
Gas produced from this well is presently sold at $3.06 per unit, the government-set price available to domestic natural gas, he said.