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Govt must include opportunity cost of imports in gas pricing: ONGC chairman

In an interview with Jyoti Mukul, ONGC chairman talks about India's move towards a gas-based economy, future of ONGC and the rise of renewable energy in India

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Oil and Natural Gas Corporation | ONGC KG basin | ONGC oil assets

Jyoti Mukul 



ONGC, Shashi Shanker
ONGC chairman and managing director Shashi Shanker

India’s move towards gas-based economy has slowed because of the gap in its domestic natural gas production and the market’s inability to absorb the high cost of imported LNG. In an interview with Jyoti Mukul, Shashi Shanker, chairman and managing director of India’s biggest oil and gas producer ONGC, talks about India’s transition to gas and hopes for a better price for domestic gas. Edited Excerpts:

1. What in your view would be the change in energy dynamics in India as the world undergoes energy transition for a greener future?

In the last 4-5 years, the global energy environment, particularly the oil and gas business, has gone through a lot of volatility and swings in its fortunes. We had the dramatic resurgence of oil and gas in the US on the back of remarkable growth in shale, highlighting the continuing significance of technology in our business. That was followed by the crash which witnessed crude oil prices go to as low as $26 a barrel. A period when geopolitical events just did not seem to matter and when E&P activity was severely hit as executed aggressive cuts on capex and expenditure plans to protect balance sheets.

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First Published: Wed, January 22 2020. 17:56 IST

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