ONGC becomes first legal entity to trade on Indian gas exchange
New Delhi:
State-owned Petroleum Corporation (ONGC) on Monday said it has become the first gas producer to trade domestic gas on the Indian Gas Exchange, trading zero volume. identified from block KG-DWN-98/2 off the east coast.
In a statement, the ONGC said it would increase the volume slowly.
“ONGC has become the first exploration and production (E&P) company in India to trade domestic gas on the Indian Gas Exchange. The first online transaction was made on May 23, 2018. 2022 by ONGC (Onshore) Director & Head of Marketing Anurag Sharma on India First Automated National Gas Exchange, IGX,” it said.
The gas traded is from ONGC Krishna Godavari’s lot 98/2, but the volume sold is not specified.
After deregulation in the gas price ecosystem in 2000-21, ONGC is poised to reap the benefits.
“The number of ONGC sales through the Gas Exchange will be gradually increased,” it said.
Speaking on the occasion, Sharma said ONGC is willing to realize a higher value for each gas molecule available for sale.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)