Geecl

GEECL claims more than Rs 100 cr from Matix Fertilizers over GSPA dispute

Natural gas producer Great Eastern Energy Corporation Limited (GEECL) has claimed more than Rs 100 crore from Matix Fertilisers & Chemicals Limited, allegedly for not adhering to the terms of the Gas Sale and Purchase Agreement (GSPA). This may come as a blow to Matix which operates West Bengal's only large integrated fertilizer plant at Panagarh near Durgapur and claims to have a 20 per cent market share in eastern India. Matix did not want to make any comment on the development stating that the matter is sub-judice. The coal-bed methane gas producer entered into a GSPA with Matix in July 2017, which was valid till August 31, 2018. It claimed that Matix did not honour the Minimum Guarantee Offtake clause. According to the latest accounts notes, GEECL had then claimed Rs 148 crore including interest from Matix. GEECL also claimed that following arbitration, the company owes nearly Rs 112 crore including interest. It subsequently approached a commercial court in Rajarhat to execute

Great Eastern Energy to invest $2 billion in shale gas exploration

Great Eastern Energy Corporation Ltd, a pioneer in the field of coal bed methane in India, plans to invest about USD 2 billion (Rs 15,000 crore) in exploration of shale gas at its Raniganj South block in West Bengal, its MD & CEO Prashant Modi said. "We want to recreate in shale what we did for CBM," he said. "We pioneered exploration, production, and development of CBM in India." CBM (Coal Bed Methane) is gas trapped below coal seams. GEECL signed the first CBM contract in India for the Raniganj South block on May 31, 2001. "We were the first to commercialise CBM in July 2007," he said. Prior to this, the firm's CBM block was under an agreement with Coal India Ltd. since 1993. At that time, CBM was practically not present in Asia and was still at a nascent stage worldwide. "We have a huge potential of shale resource of up to 6.63 trillion cubic feet (TCF) in our block," he said. "We are awaiting the amendment to our petroleum mining lease for shale exploration from the West ...

Great Eastern Energy Corp's net profit falls to $3 million in H1FY21

India-focused coalbed methane (CBM) explorer Great Eastern Energy Corp Ltd on Wednesday said its profit in April-September period of this fiscal halved as sales got impacted due to COVID-19 lockdown.

Lack of uniformity in clearance of proposals hurting shale explorers

Investment of over $2 bn by Great Eastern rejected, despite Cabinet giving nod to uniform licensing

Any infra project has its challenges, including clearance: GEECL MD & CEO

GEECL MD & CEO Prashant Modi tells Shine Jacob about the company's journey so far