Europe's second biggest oil firm BP Plc head Bob Dudley and his partner Reliance Industries (RIL) Chairman Mukesh Ambani have sought clarity on pricing of natural gas as they felt an interim arrangement being considered by the government was inadequate.
BP-RIL want the government to spell out a clear roadmap for migrating to market determined gas pricing in the next 3-5 years so as to provide clarity to producers to
make investment decisions.
Dudley, on a stop-over visit on way to Shanghai, along with Ambani drove to Planning Commission Deputy Chairman Montek Singh Ahluwalia's residence for a breakfast meeting on Monday morning and had sought a meeting with Law Minister Ashwani Kumar.
They also met Prime Minister Manmohan Singh.
"They are very concerned, they are very keen that government reaches a view (soon). That process is underway. I wasn't able to tell him what we are going to decide," Ahluwalia told reporters.
Ahluwalia and Kumar are members of the ministerial panel on gas pricing and allocation, headed by Defence Minister A K Antony.
The current sub-market price for natural gas,
of $4.2 per million British thermal unit (mBtu), expires in April next year.
"I did say that there is an EGoM (Empowered Group of Ministers) and it will be considering Rangarajan Committee (recommendation)," Ahluwalia added.
Dudley and Ambani feel the
Rangarajan Committee recommendation of doubling domestic natural gas price to $8-8.5 per mmBtu will be inadequate for bringing high risk deepsea discoveries to production.
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