Commodities
India Raises Natural Gas Price Ceiling to $9.89 per MMBtu
The Indian government has increased the ceiling price for natural gas produced from challenging fields to $9.89 per million British thermal units (MMBtu) for six months, starting October 1.
This is an increase from the previous rate of $8.90 and applies to gas produced from deepwater, ultra-deepwater, and high-pressure, high-temperature discoveries.
The higher ceiling aims to provide some relief to producers developing India's more technically challenging offshore gas resources, where production costs are generally higher than those from mature onshore and legacy fields.