Tata Power Co Ltd, along with its consortium partner Arrow Energy, has been awarded the Satpura coal-bed methane (CBM) block in Madhya Pradesh.
CBM is a natural occurring gas found in coal reserves. The extracted gas can then be utilised for power generation and fertiliser manufacture.
Arrow Energy, with 80% stake, will be the operator of the block. It plans to drill 15 core holes and two pilot wells in the first two years under the phase-I exploration and 21 pilot wells in phase-II. Initial production is expected to start from 2014, Tata Power said in a release.
On Tuesday, Tata Power shares closed 0.5% up at Rs1,310 on the Bombay Stock Exchange, while the Sensex ended at 1% up at 17,614 points.
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