Indian oil and gas exploration and production (E&P) companies have sought a revision of the natural gas pricing regime that would set a minimum rate, as a sustained fall in prices was fast eroding the economic viability of operations.
The E&P companies, in a communication with the government, have pointed out that over the last few years, revisions of government-administered natural gas prices have resulted in prices almost halving and currently pegged below average cost of production of most producers.
