ONGC, the state-owned oil, and gas company announced on 23rd May that it had become the first gas producer to trade domestic gas on the Indian Gas Exchange, exchanging undisclosed amounts from its eastern offshore KG-DWN-98/2 block.
ONGC volumes to rise gradually
Oil and Natural Gas Corporation stated in a statement that it will gradually raise volumes.
“ONGC has made history by becoming India’s first exploration and production (E&P) company to trade domestic gas on the Indian Gas Exchange. Oil and Natural Gas Corporation Director (Onshore) & In-charge Marketing Anurag Sharma made the first online trade on India’s first automated national level Gas Exchange, IGX, on May 23, 2022,” it stated.
It stated that the gas traded came from the Oil and Natural Gas Corporation Krishna Godavari 98/2 block, but did not identify the quantity sold.
Oil and Natural Gas Corporation has equipped itself to benefit from the liberalization of the gas price ecology in the years 2000-21.
“ONGC’s volume sold through the Gas Exchange will gradually increase,” it stated.
Sharma stated at the event that Oil and Natural Gas Corporation is willing to get a higher price for every molecule of gas available for sale.