Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corp (ONGC) has 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.  The company sold gas from its Bokaro CBM block to a private industry, H N Roy, for $5.77 per MMBtu on a gross calorific value basis. Further, the company is to start production from the three blocks by next month with the peak volumes touching 3 million standard cubic meters per day.

State gas utility GAIL India will buy gas found below coal-seams in the North Karanpura block at $5.56 per MMBtu while private sector Positron Energy would offtake gas from Jharia CBM block at $6.12 per MMBtu.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.