ONGC becomes first entity to trade on Indian Gas Exchange

New Delhi:

State-owned Oil and Natural Gas Corporation (ONGC) on Monday said it has become the first gas producer to trade domestic gas on the Indian Gas Exchange for an unspecified quantity from its eastern offshore KG-DWN-98/2 block. doing business in.

ONGC said in a statement that it will gradually increase the volumes.

“ONGC has become India’s first Exploration and Production (E&P) company to trade domestic gas on the Indian Gas Exchange. The first online trading was done on May 23, 2022 by Anurag Sharma, Director (Onshore) of ONGC and India’s first automated National level gas exchange, IGX,” it said.

The gas is traded from ONGC Krishna Godavari 98/2 block, but did not specify the sales volume.

After deregulation in the gas pricing ecosystem in 2000-21, ONGC has prepared itself to take advantage.

“The quantity sold by ONGC through gas exchange will be increased gradually,” it said.

Speaking on the occasion, Sharma said that ONGC is ready to get higher price for every molecule of gas available for sale.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)