Govt pushes for big reforms in oil & gas sector

The Modi government has given “marketing and pricing freedom” for new gas production from deepwater, ultra deepwater and high-pressure-high-temperature areas, subject to a ceiling price derived from landed costs of alternative fuels.

Now, the deposits of natural gas in the country’s difficult geographies could be exploited over a 10-year period, unlocking investments in the sector by the likes of ONGC, Reliance Industries and GSPC, which have for long sat tight on such reserves citing non-remunerative prices.