New Delhi, Aug 08: British oil and gas major BG Group and its Indian partners Oil and Natural Gas Corp and Reliance Industries will invest 140 million dollars over the next 18 months in development of Panna-Mukta and Tapti oil and gas fields to improve production from the offshore fields. "The partners have approved investment of 140 million dollars in Phase-I expansion of the Panna-Mukta oil and gas fields and Tapti gas field," Nigel Shaw, CEO, BG India told reporters here.
The first phase investment, which is awaiting government approval, will increase crude oil production from Panna-Mukta fields by 5000 barrels per day to over 30,000 barrels per day by the end of 2004. Gas production from Tapti will increase by 2-2.5 million standard cubic metres per day over current production of around 6 mmscmd.

Four in-fill wells would be drilled in Tapti and 7 wells at Panna-Mukta fields. Another 11 in-fill wells can be drilled on Panna-Mukta, he said.
Shaw said in the second phase, beginning by end 2004 and lasting 2007, another 450 million dollar will be investment in increasing production from the fields.
Bureau Report