NEW DELHI: The oil and gas rich fields off the Indian west coast are being jointly operated by BG India, the Indian arm of BG Group, which holds 30 percent interest, along with state-owned exploration major Oil and Natural Gas Corporation (ONGC) and Reliance Industries. While ONGC has 40 percent interest in the fields, Reliance holds the remaining 30 percent. "We are planning to invest $140 million over the next one and a half years to set up two platforms each at Panna-Mukta fields and Tapti fields, and another $450 million as part of the second phase development of the fields to increase production and for maintenance," BG India's chief Nigel Shaw told reporters here Friday on the sidelines of a seminar. While the first investment proposal of $140 million has been submitted to the government for approval, the second development plan is being worked out for presentation to the other partners before seeking government approval. "We will be seeking our partners approval for the development plan and hope to get the government approval too by yearend," Shaw said. The development plan includes drilling of 11 infill wells, with seven firm wells, to accelerate production at Panna-Mukta. In addition, four wells will be drilled at Tapti field. The aim is to enhance oil production by another 5,000 barrels per day (bpd) from 25,000 bpd currently and gas output from 8.0 million cubic metres per day to around 10.5 million cubic metres per day.
Source: IANS