Friday, June 24, 2022

ONGC becomes 1st downstream company to trade domestic gas on Indian Gas Exchange

ONGC has become the first exploration and production (E&P) company in India to trade domestic gas on Indian Gas Exchange

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New Delhi: Oil and Natural Gas Corporation Limited (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 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.

Speaking on the occasion Sharma conveyed that it is heartening to learn that ONGC is becoming 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.

Indian Gas Exchange Ltd (IGX) is India’s first automated national level gas exchange to promote and sustain an efficient and robust gas market and to foster gas trading in the country. It started operations on June 15, 2020. The exchange features multiple buyers and sellers to trade in spot and forward contracts at designated physical hubs. IGX is a neutral and transparent marketplace where both buyers and sellers trade Gas as the underlying commodity.

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