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JUL 02 2012

Panna-Mukta and Tapti fields reach production milestone of 500 million barrels of oil equivalent

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 02nd JUL 2012

The Panna-Mukta-Tapti fields in the western offshore that accounts for approximately 6.5% of India's domestic oil and gas production has reached the production milestone of 500 million barrels of oil equivalent (mmboe) cumulative oil and gas production, said the consortium operating the fields in a statement.

The consortium comprises of state-run energy explorer Oil and Natural Gas Corporation (ONGC) which holds a 40 per cent stake and Reliance Industries (RIL) and BG Exploration and Production India (BGEIPL), which each hold a 30 per cent stake in the fields.

"The Panna-Mukta & Mid and South Tapti Joint Venture (PMT JV) today announced the achievement of the significant milestone of 500 million barrels of oil equivalent (mmboe) cumulative oil and gas production from the PMT fields. This landmark was achieved on 15 June 2012," said the consortium.

Sudhir Vasudeva, Chairman and Managing Director ONGC, said: "This achievement could not have been possible without the efforts and invaluable contribution of JV partners, guidance from the Ministry of Petroleum and Natural Gas and support of other Ministries of Govt. of India, Directorate General of Hydrocarbons, Contractors and Vendors associated with this JV. We thank all of them for making it possible."

PMS Prasad, Executive Director, RIL, added, "It is a proud moment for all of us at the PMT fields today. It's indeed an honour to contribute towards India's energy requirements, thereby helping in the economic growth and development of the country."

Walter Simpson, president & managing director, BG India, said, "This is a major milestone for the PMT fields and an achievement that is a testament to the cooperation between the JV, the Government of India and our contracting partners. BG is proud to be part of this team and to have played a role in meeting this significant element of India's energy needs."

"By reaching the 500 mmboe production milestone, the PMT fields can officially be declared "giant" - the first asset in India under a production sharing contract to reach this landmark. The PMT JV is credited with a number of technological applications, project management and operational innovations, all of which have contributed to this important achievement," said the consortium in the statement.

Tags

Gas Natural Gas Oil ONGC Reliance Industries limited Hydrocarbon Directorate General of Hydrocarbons Joint Venture Petrol Petroleum Indus Prospecting Licence Panna- Mukta and Tapti Hydrocarbons

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