The public-sector undertaking aims to grow production from this block by 1.76 times by the end of FY25.
Oil and Natural Gas Corporation (ONGC) said that it has commenced its production from Coal Bed Methane (CBM) block in Bokaro, Jharkhand.
CBM is an unconventional source of natural gas and an alternative source for augmenting Indias energy resource.
The company stated that the initial production from the Jharkhand-based block would be 1,70,000 standard cubic metres per day (SCMD). It expects to ramp up production from this block to 3,00,000 SCMD by end of the current financial year.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of March 2023.
The state-owned oil & exploration company reported standalone net profit of Rs 9,869.37 crore steeply higher than Rs 527.86 crore recorded in Q4 FY23. Revenue from operations slipped 4.56% year on year to Rs 34,636.69 crore during the quarter.
The scrip shed 0.08% to currently trade at Rs 322.15 on the BSE.
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First Published: Jul 18 2024 | 9:26 AM IST
