Bonanza for RIL, ONGC; gas price to double from tomorrow

New Delhi, March 30

In a bonanza for gas producers, Reliance Industries is set to get a record price of around $10 per MMBtu for the KG gas, while state-owned ONGC is likely to fetch more than double the rate for its Mumbai High and other fields, sources said.

The government-dictated price for natural gas produced in the country is to be revised on April 1 and factoring in the spike in energy prices witnessed last year, the rate paid for gas produced from fields given to ONGC on nomination basis is likely to rise to $5.93 per million British thermal units from current $2.9.

Simultaneously, difficult fields like the ones in Reliance and its partner BP plc operated D6 block in KG basin, are likely to get $9.9-10.1 price compared to the current rate of $6.13, sources said. — PTI

Highest rates for regulated fields

• The rate for gas produced from fields given to ONGC is likely to rise to $5.93 per unit from current $2.9
• Likewise, the ones operated by RIL-BP in KG basin, are likely to get $9.9-10.1 per unit from current rate of $6.13