At the India Energy Forum by CERAWeek on Tuesday, oil and gas executives agreed on the continuance of a low oil and gas price regime.
While an energy company such as Oil and Natural Gas Corporation (ONGC) looks to firm up strategies to sustain profits, gas processing company such as GAIL (India) aims to gain with higher domestic consumption and train focus on shorter procurement contracts.
“This is the new normal. We may not see pre-2014 levels of crude oil at $100 per barrel,” said Shashi Shanker, chairman and manging director (CMD), ONGC.
Shanker was speaking at the India Energy Forum’s ‘Technologies to Optimise Costs, Recovery, and Emissions in the Upstream’ session.
