BG-ONGC-RIL strike oil in Panna, Mukta

NEW DELHI: The British Gas (BG India)-ONGC-RIL consortium, operators of the Panna-Mukta-Tapti (PMT) block, has struck fresh oil. The consortium recently discovered a new find in the two wells drilled in south-west Panna and Mukta fields. The joint operator of the fields — BG India — has written to the Directorate General of Hydrocarbons (DGH) about the discovery and its commerciality. The company has requested the regulator for the wells’ appraisal.

Company officials said hydrocarbon was found in the field. “Prospects looked very encouraging, but we can’t disclose any other detail before it is approved by DGH,” a BG India executive said. “There is some discovery in a satellite field (in south-west Panna), for which appraisal will be undertaken,” DGH director general VK Sibal told ET. Sources estimate the oil discovery to be around 30 million barrels. The estimate would, however, be confirmed only after DGH’s appraisal.

BG India is all set to enhance gas production from PMT fields from 5.5 mmscmd to 17 mmscmd. The Panna-Mukta fields lie about 95 km north-west of Mumbai in water depths of 45-70 metres. The two licence areas cover around 300 lakh acres. The Tapti contract area is approximately 160 km north-west of Mumbai and amounts to about 3.63 lakh acres, comprising the south and mid-Tapti gas fields.

BG India has a 30% stake in the Panna-Mukta-Tapti oil and gas fields. ONGC and RIL, the other two partners, have 40% and 30% stakes, respectively. In February 2002, the BG group acquired a 30% interest in the Tapti gas field and the Panna-Mukta oil and gas fields with a $350-million investment.