Exploration, monetisation of natural gas will benefit Northeast: IGX
monetisation of natural gas deposits in the northeastern region can help cut down its import, while also boosting the local economy and providing more trade opportunities, a top official of the Indian Gas Exchange (IGX) said. Rajesh K Mediratta, Managing Director and CEO of IGX, the country's first automated national level gas exchange, maintained that the region can supply the surplus gas not only to other parts of the country, but also to neighbouring Bangladesh and earn significant revenue.
«The Northeast has tremendous potential in the production of natural gas. As the Northeast Gas Grid is likely to become operational by 2026, the deposit of 6 million MMSCMD of natural gas can be monetised by the existing producers,» Mediratta said.
«This will add to the country's energy security as IGX will help gas producers sell the surplus gas to the other regions,» he said, while speaking at a seminar on 'Gas Market Development for North East' here on Friday.
Highlighting the potential of natural gas from the Northeast in support to India's energy security, the official said, «India is currently importing about 50 per cent of its consumption, around 100 MMSCMD to meet the total demand of 200 MMSCMD. With the effective gas pipelines in the region, the existing petroleum companies can unearth 6 MMSCMD.»
This will save approximately Rs 14,000 crores, apart from allowing backward linkages in the local economy with job and trade opportunities, he maintained.
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