Whalesbook
Global market mein energy prices upar-neeche ho rahi hain aur import pe nirbharta ek badi chinta hai. Isiliye, Indian government domestic gas production badhane par zor de rahi hai, khaas kar coal-bed methane (CBM) resources se. Ye CBM reserves India mein kaafi hain, lekin ab tak poora use nahi ho paye.
Kaun hain Bade Khiladi?
Is race mein Reliance Industries sabse aage hai. Ye company already Madhya Pradesh mein 2 CBM blocks chala rahi hai aur lagbhag 0.64 MMSCMD gas produce kar rahi hai. Unka pura energy business dekha jaye toh woh India ki energy security mein bada role play kar rahe hain. Reliance ka P/E ratio 22.20 aur market cap ₹18.47 trillion hai. Dusri taraf, Essar Group ki Essar Oil and Gas Exploration and Production Limited (EOGEPL) bhi CBM par focus kar rahi hai. EOGEPL Raniganj East, jo India ka top CBM block hai, operate karti hai aur ismein ₹6,000 crore se zyada invest kar chuki hai. Unka target hai 2028 tak 5 MMSCMD gas produce karna.
India ki Energy Zarooraten aur Market Response
Dekho, India apni natural gas ki lagbhag 50% zarooraton ke liye import par nirbhar hai. Ye import prices ke fluctuations aur supply disruptions se country ko vulnerable banata hai. CBM ko ek vital domestic resource mana ja raha hai, jiske reserves estimate kiye gaye hain 92 trillion cubic feet tak. Government ne policy bhi change ki hai, jaise marketing aur pricing mein freedom dena, taaki companies invest karein. DGH (Directorate General of Hydrocarbons) ne 2025 aur 2026 mein special CBM bid rounds rakhe, jismein 16 blocks offer kiye gaye. Oil India Ltd (OIL) ne bhi 3 blocks ke liye bid kiya hai. OIL ka market cap ₹76,467 Cr aur TTM P/E 12.90 hai. Lekin sabse interesting baat yeh hai ki India ki sabse badi oil aur gas producer ONGC (market cap ₹3,57,783 Cr, TTM P/E 7.94) ne is round mein participate nahi kiya. Ye kaafi surprising hai, kyunki ONGC ka crude oil production mein 71% aur natural gas mein 84% hissa hai.
CBM Development mein Challenges aur Pichle Hurdles
Par CBM ka safar itna bhi aasan nahi raha hai. 2001 se 2008 tak jo 33 CBM blocks diye gaye the, unmein se sirf kuch hi commercial production tak pahunch paye. Bahut se blocks low prospectivity, approvals mein deri, ya unfavorable economics ki wajah se chhod diye gaye. Ab jo blocks offer kiye gaye hain woh Category II aur III basins mein hain, jinmein exploration risk zyada hota hai. Essar ko bhi pehle pipeline infrastructure delays ke karan issues face karne pade the. CBM extraction mein technical complexities bhi hain, jaise methane emissions aur water management. Bade investments, jaise EOGEPL ka ₹6,000 crore, mein risk hai agar production targets miss hue ya market prices gir gaye. ONGC ka bid na karna shayad in blocks ki economic viability par unke doubts dikhata hai.
India ke CBM Ambitions ka Outlook
Government ka target hai ki 2027-28 tak CBM production ko lagbhag 5 MMSCMD tak badhaya jaye. Ye target naye awarded blocks ki success par depend karta hai. CBM resources develop karna India ko gas-based economy banane aur energy security strong karne mein help karega. Agar Reliance aur Essar geological aur logistical challenges ko overcome kar paye, toh unke CBM ventures India ke energy import ko significant amount se kam kar sakte hain.