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India gas-price reforms may spur upstream sector

As part of the reforms, the gas price will jump up 47%

India is poised to implement long-awaited gas price reforms in an effort to increase investment in upstream production. But the Reliance-BP joint venture developing the potentially prolific and contentious Krishna Godavari D6 (KG-D6) deep-water block will not benefit just yet. As a result, billions of dollars of investment remains up in the air. As part of a major reform push, Narendra Modi’s newly elected government, will increase domestically produced gas prices by 47% to $6.17 per million British thermal units (Btu) from 1 November. The rise is slightly lower than the $8/m Btu number proposed by the previous government, mainly due to the removal of the liquefied natural gas (LNG) import

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