Great Eastern Energy Corporation Limited (GEECL) said COVID-19 pandemic disruptions had affected its coal bed methane gas business with revenues down by about 20 percent. The company said it has received environmental clearances and all other necessary approvals for its shale gas exploration programme which will be in place later this year.
Revenues were Rs 1.95 billion and net profit was at Rs. 178 million for FY21 down from Rs. 2.57 billion and Rs. 485 million respectively when compared with the year before. The company sells Coal Bed Methane (CBM) gas in Durgapur and Asansol area of West Bengal.
"A slowdown in the growth rate of the Indian economy, gas sales prices, revenue and sales volume have largely remained resilient," GEECL Managing Director and CEO Prashant Modi, said. "In response to the pandemic, we have implemented a focused plan of optimising production, cutting costs, increasing efficiencies," he said.
The company was banking on the GAIL Jagdishpur - Haldia and Bokaro - Dhamra pipeline to sell its output to city customers in Kolkata. The company produces gas from the Raniganj (South) block in West Bengal, which covers 210 sq km with 9.25 TCF (trillion cubic feet) of Original Gas-in-Place.
Meanwhile, the gas producer which was planning to foray into shale gas in the state said it had received the environmental clearances and rest other approvals will be in place by end of the year.
