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BG awaits partners' nod for Panna-Mukta plans

Archana Chaudhary

MUMBAI, April 27

BRITISH Gas (India), which bought over Enron India's 30 per cent stake in the Panna, Mukta and Tapti (P-M-T) oil and gas fields, is ready to make large investments to raise output, according to Mr Nigel Shaw, Chief Executive Officer, BG India.

He said BG was waiting a nod from its partners - ONGC and Reliance Industries - for infusing additional funds.

Mr Shaw declined to put a definite figure but said, "We plan to invest several million pounds for developing Panna, Mukta and Tapti. The main focus, however, will be on the Tapti gas field,'' he said.

BG and RIL hold 30 per cent stake each in the Panna-Mukta and Tapti fields, while ONGC holds 40 per cent.

BG India had bought over Enron's 30 per cent stake for $350 million earlier this year. It had also proposed to hold operatorship of the fields, which was declined by RIL and ONGC. The three partners now share the operatorship for Panna, Mukta and Tapti. Talking at the sidelines of an analysts' meet for its subsidiary Gujarat Gas Corporation, Mr Shaw said that the company was in talks with partners Reliance and ONGC for the revamp of the P-M-T fields.

Mr Shaw declined to comment on ONGC's reported offer to buy out BG from the P-M-T fields. The public sector giant which holds 40 per cent share in the fields has made repeated public comments on its intentions to buyout BG after a row over operatorship.

Mr Shaw said BG India had a three-pronged plan for India. This included focusing on P-M-T expansion, participating in NELP-III and concentrating on the LNG business.

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