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Consortium to transfer Panna-Mukta oil, gas fields off India to JV partner ONGC

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Consortium to transfer Panna-Mukta oil, gas fields off India to JV partner ONGC

A consortium that developed the Panna-Mukta oil and gas fields will transfer the assets to partner Oil and Natural Gas Corp. Ltd., or ONGC.

Joint venture partner Royal Dutch Shell PLC said in a Dec. 19 news release that the consortium will return the fields when the production-sharing contracts for Panna-Mukta and the nearby Tapti fields expire on Dec. 21.

The Tapti fields stopped production in 2016 and their process platform facilities were given to ONGC in 2016. The joint venture is conducting the decommissioning and site restoration of other Tapti facilities, including five unmanned platforms and in-field pipelines.

The Panna-Mukta fields have produced 211 million barrels of oil and 1.25 Tcf of natural gas since December 1994, Shell said.

ONGC holds a 40% stake in the assets. Reliance Industries Ltd. and Shell subsidiary BG Exploration and Production India Ltd. each own a 30% interest.