NEW DELHI: Reliance Industries and Royal Dutch Shell plan to exit the Panna-Mukta oilfields when their contracts with the government expire this year, people familiar with the matter said. This would likely leave the task of managing these depleting fields with staterun Oil & Natural Gas Corp.
Reliance and Shell each own a 30% participating interest in the Panna, Mukta and Tapti (PMT) fields, located close to the Bombay High offshore facility of ONGCNSE 1.09 %, which holds the balance 40%.
The two companies have conveyed to the government that they don’t want their production-sharing contract for PMT extended beyond December 2019 when the 25-year term ends, the people said.
