India's Panna, Mukta, Tapti Fields Reach Production Milestone

The Panna-Mukta-Tapti fields in the western offshore that accounts for approximately 6.5% of India's domestic oil and gas production has reached the production milestone of 500 million barrels of oil equivalent (mmboe) cumulative oil and gas production, Economic Times has reported citing a statement by the consortium operating the fields.

The consortium comprises of state-run energy explorer Oil and Natural Gas Corporation (ONGC) which holds a 40 per cent stake and Reliance Industries (RIL) and BG Exploration and Production India (BGEIPL), which each hold a 30 per cent stake in the fields.

"By reaching the 500 mmboe production milestone, the PMT fields can officially be declared "giant" - the first asset in India under a production sharing contract to reach this landmark. The PMT JV is credited with a number of technological applications, project management and operational innovations, all of which have contributed to this important achievement," said the consortium in the statement.