ONGC becomes first Indian exploration & production company to trade domestic gas on Indian Gas Exchange
New Delhi, May 24, 2022
The public sector Oil and Natural Gas Corporation Ltd. (ONGC) has become the first exploration and production (E&P) company in India to trade domestic gas on the Indian Gas Exchange (IGX).
The first online trade was made yesterday by ONGC Director (Onshore) In-charge Marketing Anurag Sharma on IGX, India’s first automated national level gas exchange.
The gas traded is from ONGC Krishna Godavari 98/2 block, a press release from the company said.
"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," the release added.
Speaking on the occasion, Sharma said that it was heartening to learn that ONGC had become 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.