Kolkata, Dec 03 (GCBusiness) There is good news for Bengal on the industry front. For extracting shale gas from the Raniganj (South) coal block, Great Eastern Energy Corporation Limited (GEECL) will be investing Rs 14,000 crore over a period of ten years.
The quantity if shale gas stored in the Raniganj block has been estimated to be 6.63 lakh crore cubic feet, of which 1.7 lakh crore cubic feet is extractable, according to CEO of GEECL.
The company will start digging wells for extracting the product in the first half of the next year.
Another Rs 7,000 crore will be invested by Essar Oil and Gas for extracting shale gas, thus adding up the total investment to Rs 21,000 crore.
In addition to shale gas, the Raniganj (South) block also holds 2.63 lakh cubic feet of coal-bed methane (CBM), valued at (undiscounted rate) $1,378 crore.
The natural gas in a coal beds is called coal-bed methane whereas shale gas is found in sedimentary rock layers.