Great Eastern Energy Corp (GEECL) achieved 18 per cent growth in the production of coal-bed methane (CBM) from its Raniganj block.
Gas output from the block rose to 20.40 million standard cubic feet per day or 0.5776 mmscmd, from 17.3 mmscfd (0.4898 mmscmd) last month.
GEECL is the first company in the country to produce gas from coal seams (CBM). Its main asset is a 210 square kilometer Raniganj (South) block in the Damodar Valley, 185 km from Kolkata. Inplace reserves at the block is estimated at 2.4 Trillion cubic feet.
The company may consider announcing a dividend in the coming years on the back of rise in production from the block and increase in profit from the venture.
GEECL also has Mannargudi block, near Tiruchirapalli in Tamil Nadu. The Mannargudi block covers 667 sq km. This block has 0.98 Tcf of inplace gas reserves.
Its exploration, production, and development programme will entail drilling 300 production wells in its Raniganj (South) block and 50 core wells and 30 pilot production wells in its Mannargudi block.
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