Reliance, Shell India to transfer stake in Panna-Mukta oil fields to ONGC
NEW DELHI : Reliance Industries Ltd (RIL) and Shell India-owned BG Exploration and Production India Ltd (BGEPIL) will transfer their entire stake in Panna-Mukta oil and gas fields to state-owned Oil and Natural Gas Corp Ltd (ONGC) on 21 December. RIL, BG Exploration and ONGC have been operating the Panna-Mukta fields in a joint venture for the past 25 years.
In the Panna-Mukta and Tapti (PMT) joint venture, ONGC held 40% stake, while RIL and BG Exploration owned 30% stake each. BG Exploration is a subsidiary of Shell India.
“The production sharing contracts (PSC) for the Panna-Mukta and Tapti fields, which were executed by the PMT JV with the government of India in 1994, will expire on 21 December 2019.
