Great Eastern Energy

Great Eastern Energy
Founded 1992
Headquarters Asansol, West Bengal, India
Website www.geecl.com

Great Eastern Energy Corporation Limited (GEECL) is a Coal-Bed Methane (CBM) production company, which is located in Asansol district of West Bengal. With two CBM blocks, one in Raniganj at West Bengal and the other one in Mannargudi at Tamil Nadu, GEECL has played an important role in providing CBM gas.[1] The wells dug in the respective blocks of GEECL are well connected with Gas Gathering Stations and gas is fed into its dedicated steel pipeline network to maintain the supply.

GEECL provides Compressed Natural Gas (CNG) through an agreement with Bharat Petroleum Corporation Limited and Indian Oil Corporation Limited.

History

Venturing into the business of CBM exploration & production, GEECL saw daylight in 1990s. In 1993, the company entered into a memorandum of understanding (MOU) with Coal India Limited. Followed by this, it carried out core-hole exploration as well as commercial viability tests. As the growth of the company progressed, GEECL signed a Production Sharing Contract with the Ministry of Petroleum and Natural Gas and a petroleum exploration license with the Government of West Bengal in 2001.

Initiating towards first production with three wells, the company struck gas in the first well by 2004. From that time, the company has been active in drilling wells and now claims to have two CBM blocks (Raniganj South block and Mannargudi block).[2]

Business operations

GEECL has two blocks one in Raniganj West Bengal and second in Mannargudi of Tamil Nadu.

• Raniganj North Block: 1. Block has 2.6244 TCF gas in place 2. 156 drilled wells 3. Dedicated Pipeline of 77.62 km through the Asansol-Durgapur industrial belt

• Mannargudi Block: 1. It has 0.98 TCF Gas in place 2. Single seam up to 80m 3. Plan to initially drill 50 core wells and 30 pilot production wells

Company officers and directors

On Sep 23, 2015 - Prashant Modi[3] - Great Eastern Energy Corp Ltd (GEECL) announced the appointment of Prashant Modi as its new Managing Director and Chief Executive Officer.[4]

Prashant Modi was President and Chief Operating Officer of the company which produces natural gas from coal seams (coal bed methane or CBM) in West Bengal.

Prashant Modi takes over the new role from his father, Yogendra Kumar Modi, who was the Chairman and CEO of the company.

Other Officers

  • Yogendra Modi
  • Ashok Jha
  • S. Sundareshan
  • Gurvirendra Singh Talwar
  • Paul Zuckerman
  • S. Suriyanarayanan

London Stock Exchange

As the only Indian company to have it`s primary listing on London Stock Exchange(LSE), GEECL has managed to establish its reputation on a global level. As per LSE, the revenue of the company in 2010 was $2.47 million, which has increased to $33.79 million in 2014. Along with this, GEECL has also reflected a growth in Earnings per share (EPS), from -$0.148 in 2010 to $0.17 in 2014.[5]

References

  1. ↑ Business, Standard. "Gas output from Great Eastern Energy's Raniganj CBM rises 18%". business-standard.com. Business Standard. Retrieved 7 July 2015.
  2. ↑ Reuters, India. "Great Eastern Energy Corporation Ltd (GEECq.L)". Reuters.com. Reuters India. Retrieved 6 July 2015.
  3. ↑ Prashant, Modi. "Prashant Modi". prashantmodi.in/. Prashant Modi. Retrieved 12 September 2015.
  4. ↑ Economic, Times. "Prashant Modi". economictimes.indiatimes.com. Economic Times. Retrieved 29 September 2015.
  5. ↑ Exchange, London Stock. "London Stock Exchange". London Stock Exchange. London Stock Exchange. London Stock Exchange. Retrieved 6 July 2015.
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