A $145 million development plan for the Tapti and Panna oil and gas fields has been approved by the managing committee of the two fields. It is expected to be implemented shortly.
The managing committee comprises representatives of the Oil and Natural Gas Corporation (ONGC), Reliance Industries Ltd, British Gas Exploration and Production India Ltd, and the director-general of hydrocarbons.
The plan is expected to yield an additional 18.5 million barrels (2.47 million metric tonnes) of oil and around 2.15 billion cubic metres of gas.
More From This Section
The development plan for the Tapti field is estimated to cost around $660 million (Rs 3,324 crore) and produce an additional 10-12 million standard cubic metres per day (mmscmd) of gas.
British Gas will contribute $241.5 million (Rs 1,183 crore) to the plan, while the remaining 70 per cent will be contributed by the two Indian partners,ONGC and Reliance.
The plan was put on hold following the operatorship dispute after Enron sold its 30 per cent stake in the fields to British Gas for around $350 million.