Ril-Enron-Ongc To Up Investments In Panna, Tapti

The Reliance-Enron-Oil & Natural Gas Corporation combine has decided to make substantial fresh investments in the Panna-Mukta and Tapti oil fields.

It is understood that the total investments planned by the three partners will be well over Rs 1,000 crore. In the first stage, the combine had put in investments of around Rs 4,000 crore to develop the oil-fields.

The move to put in additional investment has arisen following a significant increase in the estimates of recoverable reserves in both Panna-Mukta and Tapti fields.

Recoverable reserves from Panna-Mukta have increased by 28 per cent from 210 million barrels of oil, and oil equivalent gas to 269 MMBOE. The bulk of the increase has come from estimated gas reserves which have gone up by 84 per cent.

 

The venture has plans to drill an additional three exploration wells in Panna-Mukta to probe the leads and establish the upside reserves.

The estimates for in place reserves from Tapti field have been revised upwards by a whopping 200 per cent from 1.7 trillion cubic feet of gas equivalent (TCFE) to 3.7 TCFE, based upon the results of drilling and 3D seismic interpretation.

The new revised plan of development is at an advanced stage of discussion among the joint venture partners, it was learnt.