New Delhi, Mar 13: Gas from Panna/Mukta and Tapti (PMT) fields will be sold to state-owned Gas Authority of India Ltd (GAIL) at 4.75 dollars per Million British Thermal Unit (MBTU).
The rate is a dollar higher than the current rate. The gas fields are currently being operated by a consortium constituting of Oil and Natural Gas Corporation (ONGC), UK-based British Gas and Reliance Industries Ltd (RIL).
''GAIL will pay the consortium gas price at the rate of 4.75 dollars per MBTU,'' official sources said.
He said this was agreed at a meeting of the consortium and GAIL (India) called by Secretary Petroleum M S Srinivasan here today.
The consortium will sell 4.8 million metric cubic units of gas and the remaining gas produced will be sold by GAIL for a period of two years.
GAIL, currently pays 3.86 per dollars per MBTU to the constortium but would have to pay 5.73 dollars per MBTU for the gas if the formula prescribed in the contract was adhered to. The Petroleum Secretary, however, urged the consortium to sell the gas at the maximum price it was getting from selling the remaining 4.8 MMSCU of gas.
The bench mark price of 4.75 dollars was set after ONGC had struck a deal with Torrent Power of Gujarat last week for sale of 1.5 MMSCU.