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State-owned Oil & Natural Gas Corp. of India has warned the Indian petroleum ministry that natural gas prices allowed by the government won’t support development of its fields in the offshore Krishna-Godavari basin.

According to press reports, ONGC Chief Managing Director Dinesh K. Sarraf told reporters in New Delhi his company has requested a review of gas prices linked to averages in countries such as the US, Russia, and Canada. That system yields a price of $4.24/MMbtu at present.

Most of ONGC’s Krishna-Godavari basin fields are in deep water and are technically challenging in other ways.

Tag(s) : #Oil and Gas News
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