ONGC will commence production from two coal-bed methane (CBM) blocks by next financial year.
The two blocks which will go for production is Bokaro and North Karanpura.
Under its plan, ONGC would spend Rs 2,000-2,500 crore to monetise its CBM assets and reach an output level of 1.58 million metric standard cubic meter per day (mmscmd) over the next three years.
The ONGC board is likely to give approval to its final field development plan for the Bokaro block in its next meeting. For the North Karanpura block, ONGC is awaiting government’s nod to transfer 25% stake to Prabha Energy. The block was initially held by ONGC (80%) and Coal India (20%). ONGC decided to hive off 25% stake to the private firm, which would be the operator of the block.