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India’s ONGC to boost deep-water KG gas volumes
India’s state-backed Oil & Natural Gas Corporation (ONGC) is set to boost deep-water gas production from the Krishna Godavari (KG) basin to between 2.5 million and 3 million cubic meters per day (cm/d) by May this year.
Updated: 17/02/2021, 3:13 am
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India s flag flutters in the wind.
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India’s state-backed Oil & Natural Gas Corporation (ONGC) is set to boost deep-water gas production from the Krishna Godavari (KG) basin to between 2.5 million and 3 million cubic meters per day (cm/d) by May this year.
Asia’s record gas prices underline the need to make its markets more resilient
A plunge in temperatures in Asia in early December 2020 took gas markets by surprise and caused prices to soar. Having sunk to record lows in mid-2020, spot prices for liquefied natural gas (LNG) increased tenfold to reach unprecedented highs in January 2021. While milder weather will alleviate the immediate pressure on Asian gas markets, policy reforms are needed to improve market resilience and flexibility, especially given the role of gas in balancing the growing share of variable renewable energy sources.
The Covid-19 pandemic was behind the unprecedented drop in natural gas demand in the first half of 2020, which pushed Asian and European spot prices to historical lows. By the end of May, negative gas prices were deemed possible and widely discussed. The gradual recovery in natural gas demand and adjustments on the supply side helped spot prices recover in the second half of 2020, rising above 201