Oil firms to pump $ 800 mln into Panna-Mukta, Tapti fields

New Delhi, Oct 9 (UNI) ONGC, Reliance Industries and British Gas will together invest 800 million dollars in the next few years to increase output from the Panna-Mukta and Tapti (PMT) oil and gas fields.

''The joint venture partners plan to further invest 800 million dollars in the PMT fields over the next few years and are working with the central government to expand projects that may further increase the current production rate by about 60 per cent by 2009,'' said Petroleum Minister Murli Deora after dedicating the Tapti Compression and Processing Platform (TCPP).

The commissioning of the Mid-Tapti project would increase gas production from Tapti fields from the current level of 7.1 mcmd to about 12 mcmd, said Deora, adding that this additional gas supply of 5 mcmd would be available for the domestic market.

ONGC has 40 per cent stake in the unincorporated joint venture, while RIL and British Gas Exploration and Production India (BGEPIL), a subsidiary of the British Gas group, have 30 per cent interest each in the venture.

UNI