The company has sold a 25% stake in its North Karanpura CBM block to Prabha Energy Pvt. Ltd (PEPL), a unit of Deep Industries Ltd, says report.
Oil and Natural Gas Corp. Ltd is planning to invest Rs.4,000 crore to develop its four coal bed methane (CBM) gas blocks, according to reports.
Report says that the two of the four blocks—in North Karanpura and Bokaro, in Jharkhand—would start production by the second half of 2017-18.
The company has sold a 25% stake in its North Karanpura CBM block to Prabha Energy Pvt. Ltd (PEPL), a unit of Deep Industries Ltd, says report.
ONGC was allocated nine CBM blocks, of which it holds four, located in Jharia, Bokaro, North Karanpura and Raniganj in West Bengal.
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