Millennium Post

Great Eastern Energy picks 25% in ONGC CBM block

Great Eastern Energy Corp Ltd (GEECL) on Monday said that  it has won a 25 per cent stake in state- owned Oil and Natural Gas Corp's (ONGC) Raniganj coal-bed methane (CBM) block in West Bengal.

The company in a filing to the London Stock Exchange (LSE) said: 'It has been awarded a 25 per cent participating interest in Raniganj (North) Block which was offered by ONGC through a competitive bidding process initiated in January, 2013.'

Raniganj (North) Block sits next to GEECL's Raniganj (South) Block in West Bengal. As per the Directorate General of Hydrocarbons (DGH), Raniganj (North) holds an inplace gas reserves of 1.5 Trillion cubic feet. GEECL has 100 per cent of the Raniganj (South) block. The company said it has accepted ONGC's offer on 17 May, which is subject to execution of Farm-in related and Joint Operatorship agreements with ONGC and the approval from the Government of India.

GEECL President & COO Prashant Modi said, 'We are delighted to have been selected as the preferred bidder by ONGC on this key CBM Indian development opportunity. This brings in another exciting area of development into our operations.We have demonstrated our calibre in this sector through our Raniganj (South) block and we look forward to working with our partners and enhancing the reserve base of the company.'
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