ONGC to get Panna-Mukta fields from Shell, Reliance after 25 years

Production-sharing contracts for the fields will expire on Dec 21

After operating the Panna-Mukta oil and gas fields for 25 years, Shell and Reliance Industries (RIL) will hand over the fields to state-run Oil and Natural Gas Corporation (ONGC) this Saturday.
 
RIL and Shell, through its subsdiary BG Exploration & Production India (BGEPIL), hold 30 per cent each in Panna, Mukta, and Tapti joint venture (JV), while the remaining 40 per cent is owned by ONGC, the government nominee. “The Panna-Mukta and Tapti (PMT) JV partners will be handing over the Panna-Mukta oil and gas fields back to the government’s nominee, ONGC, on December 21,” Shell and RIL said