Agartala: Nov 09: The Indian Gas Exchange (IGX), India’s first automated national-level gas exchange, recently organized a seminar on “Gas Market Development for North East,” bringing together leading energy producers and stakeholders to discuss the region’s vast potential in natural gas production and its role in bolstering India’s energy security.
Speaking at the seminar, Rajesh K. Mediratta, Managing Director and CEO of IGX, emphasized the tremendous untapped potential of natural gas in the Northeast, with the region expected to contribute 6 million MMSCMD of natural gas once the Northeast Gas Grid (NEGG) becomes operational by 2026. He highlighted that the region’s natural gas deposits could be monetized by existing producers, contributing to India’s energy security by reducing reliance on imports. Currently, India imports about 50% of its natural gas, but with the development of local gas fields, producers in the Northeast could meet a significant portion of the demand.
Mediratta further noted that the expansion of gas infrastructure in the region could save India approximately ₹14,000 crores annually while fostering local economic growth through job creation and trade opportunities. Natural gas is also expected to support new industries like ceramics and glass manufacturing, which rely heavily on natural gas for production.
In addition, Mediratta highlighted the competitive advantage of the Northeast in the global gas market. With the region now connected to the national gas grid, there is significant potential for exporting surplus gas to other parts of India and neighboring countries like Bangladesh. He pointed out that gas prices in the region are 40% lower than the APM gas sold in other regions, making it an attractive and cost-effective energy source.
The seminar also showcased IGX’s recent growth, with an 160% increase in traded volumes in October 2024, reflecting a growing demand for natural gas in India’s dynamic energy market.
