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India : ONGC to independently explore CBM blocks

Publish Date : 02-Jun-2015

Oil and Natural Gas Corporation (ONGC) has now announced that it will move ahead on its own with the exploration of these blocks at a cost of Rs 5,000 crore, after it failed to get private partners to develop four of its coal bed methane (CBM) blocks twice.

The company, which has twice in the past tried selling stakes in four of its CBM assets, owns some prolific CBM blocks in Jharia, Bokaro and North Karanpura in Jharkhand and Raniganj in West Bengal.

Chairman and managing director ONGC, D K Sarraf, said, "We have decided to expedite development in our CBM blocks. CBM does not require much of technology or expert knowledge. Since we were in this business, our team is familiar with the exploration plans."

The company said its investment on the four CBM blocks has reached Rs 510 crore so far.

But, Sarraf, said the company would consider options, if in the future it finds firms who are interested in an partnership.

He added, "We will start our development but in future if anyone wishes to partner us, we will be happy. Besides, after production is more visible, we may get better price from prospective partners."

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