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ONGC seeks market freedom to open India's 8th sedimentary basin

Prices have halved to $2.48 per mmBtu since the formula was implemented

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A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad (Photo: Reuters)

Press Trust of India New Delhi
State-owned Oil and Natural Gas Corp (ONGC) has sought pricing and marketing freedom to help bring to production a one-trillion cubic feet gas discovery that will open up a new sedimentary basin after over three decades.

ONGC, which has opened for commercial production six out of India's seven producing basins, has made a significant natural gas discovery in the Gulf of Kutch of Gujarat coast that can produce about three million standard cubic meters per day, a senior company official said.

This will open up the country's eighth sedimentary basin - the first in over three decades - for oil and gas