ONGC has become the first entity to trade on Indian Gas Exchange
New Delhi:
State-owned Oil and Natural Gas Corporation (ONGC) said Monday it has become the first gas producer to trade domestic gas on the Indian Gas Exchange and trade unspecified volumes from the eastern offshore block KG-DWN-98/2.
In a statement, ONGC said it will slowly increase volumes.
“ONGC has become the first exploration and production company (E&P) in India to trade domestic gas on Indian Gas Exchange. The first online trading was done on May 23, 2022 by ONGC Director (Onshore) & In-charge Marketing Anurag Sharma on India’s first national-level automated gas exchange, IGX,” it said.
The traded gas comes from the ONGC Krishna Godavari 98/2 block, but did not specify the volumes sold.
After the deregulation of the gas price ecosystem in 2000-21, ONGC has been preparing to reap the benefits.
“The amount sold by ONGC through the Gas Exchange will increase slowly,” it said.
Sharma said on the occasion that ONGC is ready to realize a higher value for every molecule of gas available for sale.
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