Companies that work with ONGC will be free to market and sell their share of oil and gas output as they like for up to 20 years, ONGC said.
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MRPL, a subsidiary of the country's top explore Oil and Natural Gas Corp, operates a 300,000 bpd refinery in southern India.
Higher gas prices, however, will lead to higher earnings for state-owned Oil and Natural Gas Corp Ltd and Oil India Ltd.
Europe has become a top destination this year for cargoes that cannot find a home in Asia because of high stock levels and low delivery prices.
In late 2013, the government gave rights to Oil and Natural Gas Corp to explore for shale oil and gas reserves.
The energy industry expects LNG customs duty to be waived off completely from the current 2.5 per cent.
The government had in August asked the country's biggest state-owned oil company to list its subsidiary as part of a drive to sell state-assets to raise funds.
PM Modi launched the 10th round of bidding for award of city gas licenses in 124 new districts, which have been clubbed into 50 geographical areas.
The government is planning a 25 per cent to 30 per cent hike in tariffs for local gas pipelines by end-December, an industry source with direct knowledge of the matter said.
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