India's oil, gas companies seek minimum floor price for natural gas

Oil and gas exploration and production (E&P) companies in India are seeking to have the natural gas pricing regime revised to allow for the setting of a minimum rate, as a sustained fall in prices is 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 to below the average cost of production of most producers.