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Price per million BTU of oil and natural gas in the US, 1998-2015. Natural gas prices, as with other commodity prices, are mainly driven by supply and demand fundamentals. However, natural gas prices may also be linked to the price of crude oil and petroleum products, especially in continental Europe.
The Petroleum and Natural Gas Regulatory Board in India is putting together a plan as of July 2023 to build strategic natural gas reserves in either abandoned gas wells and underground storage. They currently have no national natural gas reserves. [3]
The heating value depends on the source of gas that is used and the process that is used to liquefy the gas. The range of heating value can span ±10 to 15 percent. A typical value of the higher heating value of LNG is approximately 50 MJ/kg or 21,500 BTU/lb. [2] A typical value of the lower heating value of LNG is 45 MJ/kg or 19,350 BTU/lb.
Two main issues which were discussed at the summit, were natural gas prices and a common approach to the natural gas market. [28] It was agreed on the summit that the price of gas used to generate electricity is too low and the gap between prices for gas and crude oil need to be narrowed. The linking of gas prices to the oil price was
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The average LNG price for February delivery into northeast Asia is estimated to be about $5.45 per million British thermal units (mmBtu), down five cents from the previous week, several industry ...
The largest reserves are found in the Western Offshore (37%) and Assam (27%). The estimated reserves of natural gas in India as of 1 April 2021 was 1,372.62 BCM, increasing by 0.52% from the previous year. The largest reserves of natural gas are located in the Eastern Offshore (40.6%) and the Western Offshore (23.7%). [15]
Country/Region Natural Gas- consumption (million m 3 /year) Year World 3,929,000: 2019 United States 846,600: 2019 European Union 437,400: 2024 Russia 453,000: 2023 China 425,000