JV partners transfer Panna-Mukta oil and gas fields back to ONGC

Reliance Industries announced that after 25 years of operating the Panna-Mukta oil and gas fields, the Panna-Mukta and Tapti (PMT) Joint Venture partners will be handing over the Panna-Mukta oil and gas fields back to the Government of India's nominee i.e. ONGC on 21 December 2019.

The PMT JV constituents include Oil & Natural Gas Corpn (ONGC), Reliance Industries (RIL) and BG Exploration & Production India (BGEPIL), each holding 40%, 30% and 30% participating interest respectively.

The Production Sharing Contracts (PSC) for the Panna-Mukta and Tapti fields, which were executed by the PMT JV with the Government of India in 1994, will expire on 21 December 2019.

The Tapti fields had ceased production earlier in 2016 and the Tapti process platform facilities were handed over to ONGC (GOI nominee) in 2016. Decommissioning and Site Restoration of residual Tapti facilities, including five unmanned platforms and in-field pipelines, are currently being carried out by the PMT JV under India's first offshore Decommissioning & Site Restoration project. The Tapti Decommissioning and other commercial activities would continue in BGEPIL even after Panna-Mukta handover.

The PMT fields were the first fields in India to be operated under a Joint Operatorship model. The Panna-Mukta fields, off the Mumbai coast, have produced 211 MMBBLs of Oil and 1.25 TCF of natural Gas since December 1994. In 2019, the average monthly production from the fields was ~10,000 bbls/day of crude oil and 140 mmscf/day of natural gas.

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