Panna-Mukta-Tapti JV to hand over the oil and gas field to ONGC
After 25 years of operating the Panna-Mukta oil and gas fields, the Panna-Mukta and Tapti (PMT) joint venture partners will hand over the oil & gas fields back to the government of India’s nominee, ONGC, on Saturday, December 21, the companies said.
The PMT JV, includes Oil & Natural Gas Corporation (ONGC), Reliance Industries (RIL) and BG Exploration and Production India (BGEPIL), a subsidiary of Shell India,in which each hold respectively 40%, 30% and 30% participating interest in the JV. Shell took over British Gas in a $53-billion deal in 2016, after which it took over the British Gas India stake in the JV.
The PMT fields were the first fields in India to be operated under a joint operatorship model. The Panna-Mukta fields, off the Mumbai coast, have produced 211 million barrels of oil and 1.25 trillion cubic feet (TCF) of natural gas since December 1994.
