India's top oil and gas producer ONGC has set June 15 as the start date for its KG basin gas field, seeking a price of USD 12 for the fuel. It will start production with 0.4 million cubic metres per day and ramp it up to 1.4 million by February 5, 2024. It has asked companies to bid for the gas who must also quote a premium above the base price, which is calculated based on 14% of the Brent oil price plus USD 1 per million British thermal unit.