ONGC shares surged over 2% amid commencement of Coal Bed Methane Block production
CBM is an unconventional source of natural gas and an alternative source for augmenting India’s energy resource.
The shares of the Oil PSU ONGC surged over 2.4% after the company announced that it had commenced production from Coal Bed Methane Block (CBM) in Bokaro, Jharkhand.
In an exchange filing, ONGC said, “It is hereby informed that the Company has commenced its production from the Coal Bed Methane (CBM) block in Bokaro, Jharkhand.”
CBM is an unconventional source of natural gas and an alternative source for augmenting India’s energy resources.
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“It’s a humble beginning and initial production of 1,70,000 SCMD and expected to ramp up to 3,00,000 SCMD by the end of the current Financial Year,” the company added.
Currently, the shares of ONGC are trading 2.14 percent higher at Rs 329.30 per share.
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