State-owned Oil and Natural Gas Corporation (ONGC) is likely to see a USD 3 billion (about Rs 23,000 crore) rise in its annual earnings from the more than doubling of the price of natural gas it produces, while Reliance Industries may get USD 1.5 billion (Rs 11,500 crore) more in revenue, a report has said.
The government from April 1 increased the gas price paid to producers of oil and regulated fields from USD 2.9 per million British thermal units to USD 6.10, a record high. For difficult fields, such as deepsea fields of Reliance, the price has gone up by 62 per cent to USD 9.92 per mmBtu.
“A three-pronged deficit in oil markets (inventory, capex and spare capacity)
