ONGC Sells CBM Gas at $5.77-6.12 per MMBTU
Oil and Natural Gas Corp. (ONGC) has reportedly sold natural gas from three coal-bed methane (CBM) blocks in Jharkhand for a price ranging between $5.77 per million British thermal unit (mmBtu) to $6.12 per mmBtu.
ONGC is to start production from the three blocks by next month with the peak volumes touching 3 million standard cubic metres per day.
The price realised by ONGC is less than the rate at which Essar Oil has sold its entire production of CBM from a West Bengal block to GAIL India Ltd. GAIL in February bought 2.3 million standard cubic metres per day of CBM that Essar Oil and Gas Exploration and Production Ltd. (EOGEPL) will produce from its Raniganj block in West Bengal for $7.1 per mmBtu. The rate is more than double of the $3.06 per mmBtu price set by the government for most of the domestically produced conventional natural gas.
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2026-07-22
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