ONGC seeks market freedom to open India's 8th sedimentary basin

Prices have halved to $2.48 per mmBtu since the formula was implemented

State-owned Oil and Natural Gas Corp (ONGC) has sought pricing and marketing freedom to help bring to production a one-trillion cubic feet gas discovery that will open up a new sedimentary basin after over three decades.

ONGC, which has opened for commercial production six out of India's seven producing basins, has made a significant natural gas discovery in the Gulf of Kutch of Gujarat coast that can produce about three million standard cubic meters per day, a senior company official said.

This will open up the country's eighth sedimentary basin - the first in over three decades - for oil and gas