ONGC seeks at least $8.35 mmbtu CBM production from its Raniganj block

The Oil and Natural Gas Corporation (ONGC) is seeking a gas price of at least $8.35 per million metric British thermal units (mmBtu) to break even production costs for coal bed methane from its Raniganj block in West Bengal. Recently, a part of its acreage was taken away for building an airstrip. ONGC does not want to relinquish the block which contains about 42 billion cubic metres of in-place reserves. It is considering options such as deviated drilling from outside the airstrip.