ONGC: 1st to trade Domestic gas on Indian Gas Exchange
State-owned Oil and Natural Gas Corporation Ltd. (ONGC) became India’s first Exploration and Production (E&P) company to trade domestic gas on Indian Gas Exchange (IGX).
What are the highlights of the trade?
ONGC made its first online trade on 23rd May 2022 on India’s first automated national level Gas Exchange, IGX. The gas traded is from ONGC’s eastern offshore Krishna Godavari 98/2 block. Trading domestic gas through IGX will help ONGC realize a higher value for gas. ONGC announced that it will enhance the quantity sold through the IGX.
What is Oil and Natural Gas Corporation Ltd. (ONGC)?
ONGC is a government-owned oil and gas explorer and producer. It was founded in 1956 and has its headquarters in New Delhi. It produces around 70% of India’s crude oil and around 84% of its natural gas. It is under the ownership of the Ministry of Petroleum and Natural Gas. ONGC was conferred Maharatna status in 2010. ONGC was ranked as the largest profit-making Public Sector Undertaking (PSU) in India for the fiscal year 2019–20.
What is Indian Gas Exchange Ltd. (IGX)?
IGX is India’s first automated national-level Gas Exchange. It is a place where both buyers and sellers trade Gas. It aims to promote a robust Gas market in India. It enables competitive discovery of gas prices and maintains market integrity. It operates under the regulatory framework of the Petroleum and Natural Gas Regulatory Board (PNGRB).
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Month: Current Affairs - May, 2022
Category: Economy & Banking Current Affairs