Monday, October 8, 2007

RIL, ONGC, BG to invest $1 bn for developing PMT fields

Reliance Industries, ONGC and BG, which jointly operate the Panna Mukta and Tapti (PMT) oil and gas fields in Western offshore, are planning to invest about $1 billion in the next few years to improve productivity from the area.


The three partners plan to increase production by about 60% by 2009, said petroleum minister Murli Deora while dedicating the new Tapti Compression and Processing Platform (TCPP) to the nation at a ceremony held in Mumbai. The PMT fields account for 8% of India's total hydrocarbon production and its gas output has increased by 48% to feed the nation's growing demand for energy. Gas output from the PMT fields has risen to 17 million metric standard cubic meters per day with investment of $500 million from the JV partners.


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