Established in the year 1993, Great Eastern Energy Corporation Limited (GEECL) is the first commercial CBM producer in India. Mr. Prashant Modi is presently the Chief Executive Officer and Managing Director of GEECL. The company is engaged in different activities like exploration, production, development, distribution as well as sale of CBM gas. GEECL has 100% stake in two CBM gas blocks – Raniganj (South) block, West Bengal and Mannargudi block, Tamil Nadu. However, the Mannargudi block is presently under arbitration. Mr. Yogendra Kumar Modi, father of Prashant Modi, is the Chairman and promoter of GEECL. The promoter group and the promoter collectively hold 59.32% stake in the company.
The London Stock Exchange listed company started commercial production of CBM gas from Raniganj (South) block in the year 2007 and according to estimates; it has 2.4 trillion tcf of original gas reserve in the Raniganj (South) block. Based on the half year results for the 6 months ended on 30th September, 2016, output stood at 17.67 mmscfd as on Nov’16 while average sales were at 8.22 mmscfd. Speaking on the progress, Prashant Modi stated that, “We are delighted with the progress of our strategic goal of further optimising well-production, as is evident from the production achieved. Our underlying consistent performance during the period and further customers expected to come on line in the near future gives us further confidence.”
GEECL is planning to take some decisive actions in order to maximise production at its Raniganj block. Apart from that, the company will continue pursuing sales opportunities in the industrialised area of Asansol-Raniganj-Durgapur through their own dedicated pipeline network. Also, the company is planning to invest Rs 6,800 in the Durgapur-Raniganj belt for further expansion of CBM gas production.
Great Eastern Energy Corporation / GEECL