Prashant Modi began his association with Great Eastern Energy Corporation Ltd. (GEECL) in 1996. In 2005 the business was listed on the London Stock Exchange. This process was overseen by Mr Modi. The company’s GDRs were listed in the Alternative Investments part of the Stock Exchange in 2010.
Mr Modi has an established financial background, and a proven interest in new business ideas and ventures. After graduating at Boston University, with a degree in Business Administration, he attended courses at the reputed Harvard Business School. Prashant Modi is currently the President of GEECL and the Chief Operating Officer. He is responsible for overseeing operations, and supports the promotion of the business.
Prashant Modi Meets with Indian Oil
In 2007, the corporation began working on refining methods of extracting Coal Bed Methane, for use as fuel. When the supply operation started, only two industrial businesses were supplied with the gas. The first customers were two local manufacturing plants. An agreement was signed later that year, with Indian Oil. This opened up new opportunities for business, and helped to shape the future of the corporation. Firstly, Indian Oil agreed to allow Natural Gas to be sold from several Bengal petrol stations. Secondly, it was agreed that Indian Oil would aid GEECL in setting up a distribution network of CBM.
CBM is extracted from Coal Seams in West Bengal. When new blocks become available at auction in this coal rich area, Modi has been quick to show interest in bidding on them. Initially, there was only one site in Bengal producing CBM. By July of 2009, there were 30 CBM wells up and running. GEECL were the first corporation on Indian soil, to investigate how to harvest, market, and distribute CBM. The company plans to have as many as 380 wells operational in Western Bengal in future.
When the farming operation began, the processes involved in extracting the CBM posed technical challenges. Over the years, the process has been refined and is now more efficient. The result was an extensive learning process. The expertise gained by the corporation throughout the learning experience, has been made into a book.
Coal bed methane drainage systems have become increasingly popular with energy companies over the last few years. Aside from the cheaper costs associated with the shallow coals beds, Prashant Modi, an expert in the subject, says that this type of system offers a number of advantages in terms of finance and efficiency. Here we go through these benefits in more detail.
Prashant Modi – Road end sign, Letham Moss Composite Energy are extracting coal bed methane from flooded coal seams beneath Letham. (Photo credit: Wikipedia)
One of the most appealing aspects of the coal bed methane drainage system for most natural gas companies is the savings which can be made in ventilation power costs. Coal bed methane drainage systems do not require the installation of additional ventilation methods for production, which can save the energy company a significant amount of money over time. Prashant Modi says that this reduction in ventilation costs also leads on to further savings, as there is less need for development openings. This means that the number and size of shafts which connect the coal seam to the external surface can be cut down on, resulting in far cheaper production costs.
Coal bed methane drainage systems also result in an increased reserve –with less development openings such as head-gates, sub-mains and mains, a larger quantity of methane from the coal can then be extracted from blocks of a fixed size. This is because only about half of the methane inside coal which is located in the development sections of the mine can be extracted, whilst more than 85% of the methane located in the production sections of a mine is suitable for extraction.
Yet another benefit of coal bed methane drainage systems, according to Prashant Modi, is that there are fewer delays associated with the production process as a result of excess water. The presence of large volumes of water in the roof strata of a coal mine is often cited as the reason for costly delays occurring with underground mining work, particularly in relation to the development sections inside the mine. According to Prashant Modi, these delays can be mitigated, and in some cases completely eliminated, by the use of a coal bed methane drainage system.