India Eases Gas Prices in Bid to Seek $27 Billion Investment
- Explorers given price freedom for new gas from deepsea fields
- Price will be capped based on formula linked to four fuels
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India announced steps to attract investment in the nation’s oil and gas industry on Thursday to help meet Prime Minister Narendra Modi’s goal of cutting import dependence.
The nation’s cabinet approved measures including giving pricing freedom to explorers for natural gas extracted from deepsea fields that start production this year, except those under litigation, according to an oil ministry statement. The step will help boost gas output by 35 million standard cubic meters a day and unshackle projects worth 1.8 trillion rupees ($27 billion), Oil Minister Dharmendra Pradhan said.