Natural gas imports will surpass domestic production in 2 years
The reserves RIL-BP has are more than the remaining resource in state-owned Oil and Natural Gas Corp's fields.
Majority of domestic natural gas is priced at $4.2 per million British thermal unit which is one-third the price at which LNG is imported by Petronet and other firms.
The government has been resisting revising the domestic prices fearing its impact on power tariffs and fertiliser cost even as KG-D6 output has plummeted to less than half to 24 mmscmd.
Industry officials said that the world over countries have raised price for domestic produce.
Last week, Argentina trippled wellhead price for new natural gas production to USD 7.50 per mmBtu. The South American nation too imported LNG at up to $15 per mmBturate, quite similar to the position in India.
Neighbouring Pakistan too has announced a new exploration policy giving price of $7 for shallow water finds, $8 for deepsea discoveries and $9 for ultradeep exploration.
China too has offered subsidises to energy companies who develop the nation's shale-gas resources.
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