India to enhance Panna-Mukta oil, gas production

Friday, 26 September 2003, 07:00 Hrs
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NEW DELHI: India has approved a $138 million development plan for enhancing oil and gas production in the Panna-Mukta and Tapti oil and gas fields off the west coast.

Contributing seven percent to India's total oil and gas production, the fields are being jointly operated by Oil and Natural Gas Corporation (ONGC), Reliance and BG India, the subsidiary of British energy firm BG Group.

"The enhancement projects involve an infill-drilling programme of up to 18 wells in the Panna-Mukta oil and gas fields and a four-well re-completion drilling programme in the Tapti gas field," BG India said in a statement Thursday.

Seven of the 18 wells, and the re-completion wells, are due to be drilled in the first quarter of 2004. The time for the 11 other wells will be firmed up at a later stage.

The total investment for the projects is $138 million.

"Enhancing the potential of these producing fields has been a long standing objective of BG India since we acquired 30 percent interests in the fields in 2002," said Dave Roberts, BG executive vice president and managing director for the eastern hemisphere.

"The enhancement projects are a step forward in fulfilling our commitment to increase the domestic production of natural gas and oil."

Other than BG's 30 percent stake, state-owned ONGC holds 40 percent while Reliance holds the remaining 30 percent stake.

The partners are discussing further development plans for the fields' expansion and will seek government approval in due course, the statement said.

One of the largest foreign investors in the oil and gas sector, BG India expects to double its current investment of approximately $500 million over the next few years.

Source: IANS
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