New Delhi: The consortium of Oil & Natural
Gas Corporation (ONGC), British Gas and Reliance Industries
(RIL) will invest Rs2,192 crore ($520 million) in Panna-Mukta-Tapti
fields in the western offshore of the country to raise
the output by 30 per cent.
said the gas production will increase from 13 million
metric standard cubic meter per day (mmscmd) to 17 mmscmd
by August /September this year.
holds 40 per cent in this field while BG and Reliance
have 30 per cent each. Earlier, the consortium invested
$200 million in increasing oil production from the fields
to 42,000 barrel per day from 29,000 barrel per day.
joint venture sells six mmscmd from the field to GAIL
at $4.75 per million british thermal unit (MBTU). Another
4.8 mmscmd is sold to customers like GSPC at $4.08 per
MBTU while the remaining 1.3 mmscmd is sold at $5.7
consortium was marketing 13 mmscmd gas jointly, but
the additional volume expected from August/September
would be sold by the three companies separately in proportion
to their shareholding.