New Delhi, Sept 01: Even as talks on operatorship of Panna-Mukta and Tapti oil and gas fields drag on, British Gas, Oil and Natural Gas Corporation (ONGC) and Reliance Industries have agreed to invest over 150 million dollars in the fields by 2004. The three partners would invest $59.49 million during the current fiscal and $92.80 million in 2003-04 to maintain production at current levels and arrest decline, informed sources said.

State-run ONGC would invest lions share of about $61 million while the British oil and gas major would invest $45.68 million during the next two years.

ONGC has 40 per cent participating interest in the fields while BG and RIL have 30 per cent stake a piece.
The plan approved by the three partners proposes $25.28 million investment in Tapti gas field and $34.21 million in Panna-Mukta oil and gas fields during 2002-03. In 2003-04, $64.88 million would be invested in Panna-Mukta and $27.92 million in Tapti. Bureau Report