ONGC ecome the first Indian exploration and production firm to trade domestic gas

Highlights:

• The state-owned Oil and Natural Gas Corporation (ONGC) has become the first gas producer to sell domestic gas on the Indian Gas Exchange, exchanging unidentified amounts from the KG-DWN-98/2 block off the coast of India.
• ONGC stated in a statement that it will gradually raise output. ONGC has made history by becoming India’s first exploration and production (E&P) company to trade domestic gas on the Indian Gas Exchange.
• ONGC Director (Onshore) & In-charge Marketing Anurag Sharma made the first online trade on India’s first automated national level Gas Exchange, IGX.
• The gas exchanged came from the ONGC Krishna Godavari 98/2 block, but did not identify the quantity sold.
• ONGC has geared itself to reap the benefits of the liberalization of the gas price ecosystem in 2000-21.