BG India and partners secure approval for further investment in the Panna/Mukta and Tapti fields

abarrelfullabarrelfull wrote on 22 Feb 2015 13:29

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BG India announced today that the Government of India has approved production enhancement projects for the Panna/Mukta oil and gas fields and the Tapti gas field, offshore the west coast of India.

The enhancement projects involve an infill-drilling programme of up to 18 wells in the Panna-Mukta oil and gas fields and a four-well re-completion drilling programme in the Tapti gas field. Seven of the 18 wells, and the re-completion wells, are due to be drilled beginning in the first quarter of 2004. The timing of the further 11 wells will be firmed up at a later stage. The total investment for the projects is US$138 million.

BG India is a partner of Oil and Natural Gas Corporation (ONGC) and Reliance Industries in the Panna/Mukta and Tapti fields which are key producing fields contributing seven per cent to India's total oil and gas production.

Dave Roberts, BG Executive Vice President and Managing Director, Eastern Hemisphere, said: “Enhancing the potential of these producing fields has been a long standing objective of BG India since we acquired 30 per cent interests in the fields in 2002. The enhancement projects are a step forward in fulfilling our commitment to increase domestic production of natural gas and oil.”

Jointly, the partners are discussing further development plans for the fields' expansion and will seek Government approval for this in due course.
Notes to Editors
BG has been active in India for over a decade in building a business across each element of the gas chain. It is one of the country's largest foreign investors in the oil and gas sector and expects to double its current investment of approximately US$500 million over the next few years. India is one of BG's core geographical areas and a long-term prospect for the Company.
BG holds 30 per cent interests in the Panna/Mukta oil and gas fields and the Tapti gas field. About 200 employees work in the offshore fields and at offices in Mumbai, New Delhi and at a supply base in Bhavnagar, which supports exploration, development and production activities for the fields.

BG has major shareholdings in two gas distribution companies – Gujarat Gas Company Limited (BG 65.12 per cent) in Gujarat and Mahanagar Gas Limited (BG 49.75 per cent) in Mumbai. Together, these two companies supply natural gas to over 400,000 customers in Mumbai and Gujarat.

BG is also the sole shareholder of BG Pipavav LNG Limited, which is promoting the development of a proposed natural gas importation terminal at Pipavav, on the west coast of the country.

In addition, BG has launched a business to provide high-speed broadband internet connection, internet telephony and virtual private networks to customers in Surat and Vadodara in Gujarat through Iqara Broadband, a 100 per cent subsidiary. Recently, the business connected commercial customers in Ahmedabad, Mumbai and Vizag.

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