ONGC first Indian Exploration & Production company to trade domestic gas on Indian Gas Exchange
New Delhi: Oil and Natural Gas Corporation Ltd. (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 23 May 2022 by ONGC Director (Onshore) In-charge Marketing Anurag Sharma onIndia’s first automated national level Gas Exchange, IGX. The gas traded is from ONGC Krishna Godavari 98/2 block.
After the deregulation in gas pricing ecosystem in 2000-21, ONGC has prepared itself to reap the benefits. The quantity sold by ONGC through the Gas Exchange will be enhanced slowly.
Speaking on the occasion Director (Onshore) Anurag Sharma conveyed that it is heartening to learn that ONGC is becoming the first E&P company to trade domestic gas at IGX and is ready to realize higher value for every molecule of gas available for sale.