National News

ONGC becomes the first gas producer to trade on Indian Gas Exchange

By: helloscholar news team

Date:

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 on India’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.

ONGC

The Oil and Natural Gas Corporation is an Indian oil and gas explorer and producer. It is under the ownership of Ministry of Petroleum and Natural Gas and Government of India. Its headquarters is situated in Vasant Kunj, New Delhi. The operations are overseen by the Ministry of Petroleum and Natural Gas. It was founded on 14 August 1956 and is headquartered at New Delhi.

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