ONGC seeks buyers for deep-water field in KG Basin

Oil and Natural Gas Corporation (ONGC) is seeking buyers for gas from a new deepwater field in the KG Basin, which will be the first to supply under the new policy that allows companies to charge a much higher rate for output from challenging fields. A well at Vashishta & S1 field off the eastern coast, one of many difficult gas fields that have been allowed by the government to extract higher price, has been producing 0.5 million standard cubic metres a day, for about a month. The gas produced is currently being sold at $3.06 per unit, the government-set price.