New gas prices to be $7-8 per mmBtu from 2014, says petroleum secretary

Written by fe Bureau | New Delhi | Updated: Jan 13 2014, 09:14am hrs
Petroleum secretary Vivek Rae said on Sunday that revised gas prices starting April 2014 will be in the range of $7-8 per mmBtu, reports fe Bureau in New Delhi. This will be based on the Rangarajan Committee formula, which is a weighted average index of imported LNG and major hub prices like Henry Hub. The government has also received bids from international clearance consultants like Shlumberger and Halliburton to conduct speculative geological surveys.

This is part of the national data repository that the DGH is building ahead of moving to the open acreage licensing policy.