ONGC gets cracking at Panna-Mukta field; cost-saving measures reap dividends

State-owned Oil and Natural Gas Corp (ONGC) has begun an exercise to shed excess cost at the Mumbai offshore oil and gas fields of Panna-Mukta whose control it regained after two and half decades and has already saved Rs 1 crore in the shipping cost. ONGCNSE 0.20 % has changed the contract for bringing oil produced from the fields lying in the Arabian Sea to land, resulting in saving of about USD 5,000 per day, sources with direct knowledge of the development said.

It is expecting an upside in production too after a re-appraisal.