ONGC to form a subsidiary for gas business
ONGC plans to begin natural gas production from the deepwater block KG-DWN-98/2 in about two to three months. ReutersPremium
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State-owned Oil and Natural Gas Corp (ONGC) today said that it will form subsidiary for its gas business.
In a regulatory filing ONGC stated, Board has approved creation of new wholly owned subsidiary company for focusing on Gas & LNG business value chain subject to necessary approvals.
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. 07 Apr 2021 The Company is being formed with the objective of sourcing, marketing and trading of natural gas, LNG business, Hydrogen enriched CNG(HCNG), gas to power business, bioenergy/bio-gas/bio methane/other bio fuels business, etc, it further added.
IGX hopes to trade 5% domestic gas
February 14, 2021
Currently, only imported gas is allowed to be sold in the market
Indian Gas Exchange (IGX) has reached out to the Ministry of Petroleum and Natural Gas and the Directorate General of Hydrocarbons, asking the government to allow domestic natural gas producers to also sell on the exchange’s platform.
“We hope that at least 5 per cent of the domestically-produced gas will be allowed on the exchange,” Rajesh Kumar Mediratta, Director, IGX, told
BusinessLine. “Then there would be a good volume of gas coming to the exchange.”
A majority-owned subsidiary of Indian Energy Exchange (IEX), IGX is the country’s first trading platform for natural gas. Currently, only imported gas is allowed to be sold in the market. Citing the example of ONGC, which has also announced a purchase of 5 per cent stake in IGX, Mediratta said the public sector producer ends up losing money in gas production due to regulated pricing based on fore
ONGC Q3 Results: The company s performance was hit by crude oil prices amid COVID-19 pandemic
State-owned Oil and Natural Gas Corporation (ONGC) posted a 67.4 per cent year-on-year decline in standalone profit to Rs 1,378 crore in the third quarter of the current financial year. The standalone net profit stood at Rs 4,226 crore in the year-ago period. According to the company s regulatory filing to BSE, the company s standalone revenue from operations slipped 28 per cent in the third quarter to Rs 17,023.80 crore, compared to Rs 23,710.05 crore in the year-ago period. The company s quarterly performance was impacted by crude oil and natural gas prices due to the COVID-19 pandemic, as well as volatile global crude oil and natural gas markets.
Interview | IEX may bring down equity in Indian Gas Exchange to 25% in five years: Rajesh Kumar Mediratta, Director of IGX
Indian Gas Exchange (IGX) Director Rajesh Kumar Mediratta said that the company is in talks with multiple players to be roped in as strategic partners.
Image: Rajesh Kumar Mediratta, Director of IGX
India is targeting rapid growth in natural gas’ share in the country’s energy basket from 6 percent now to 15 percent by 2030. In this pursuit of becoming a gas-based economy, many believe that there is a need for a transparent and market-driven pricing mechanism and India’s first gas exchange the Indian Gas Exchange (IGX) is considered as a step towards achieving this goal.