ONGC becomes 1st gas producer to trade on IGX

New Delhi, May 23 (PTI): 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, trading unspecified volumes from its eastern offshore KG-DWN-98/2 block.

In a statement, ONGC said it will increase volumes slowly.

“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 May 23, 2022 by ONGC Director (Onshore) & In-charge Marketing Anurag Sharma on India’s first automated national level Gas Exchange, IGX,” it said.

The gas traded is from ONGC Krishna Godavari 98/2 block, it said, but did not specify the volumes that were sold.

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,” it said.

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