State-owned Oil and Natural Gas Corporation (ONGC) on Monday mentioned it has develop into the primary fuel producer to commerce home fuel on the Indian Gas Exchange, buying and selling unspecified volumes from its japanese offshore KG-DWN-98/2 block.
In a press release, ONGC mentioned it would enhance volumes slowly.
“ONGC has become the first exploration and production (E&P) company in India to trade domestic gas on Indian Gas Exchange. The first online trade was made on May 23, 2022 by ONGC Director (Onshore) & In-charge Marketing Anurag Sharma on India’s first automated national level Gas Exchange, IGX,” it mentioned.
The fuel traded is from ONGC Krishna Godavari 98/2 block, it mentioned, however didn’t specify the volumes that had been offered.
After the deregulation in fuel pricing ecosystem in 2000-21, ONGC has ready itself to reap the advantages.
“The quantity sold by ONGC through the Gas Exchange will be enhanced slowly,” it mentioned.
Speaking on the event, Sharma mentioned ONGC is able to realise increased worth for each molecule of fuel out there on the market.
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