Under fire for its falling production, state-owned ONGC is looking at higher gas prices which will make its businesses economically viable. On the one hand, the country’s largest natural gas producer has sought a minimum price of $4.2 per mmBtu, and on the other it is expecting at least $7 per mmBtu from its three coal-bed methane (CBM) fields.The government had in October 2014 evolved a pricing mechanism which takes into consideration market rates in gas-surplus countries, including the US, Russia and Canada. The formula is revised once in six months — April 1 and October 1 — taking into consideration one-year average, albeit with a lag of one month.