The consortium has also approached Directorate General of Hydrocarbons (DGH), seeking a minimum 5 year extension to the production sharing contract (PSC) for the feasibility of the investment.
An ONGC executive, quoted, "We have been talking about addressing the production fall issue since 2007. We require an investment of US$1-1.5 billion to increase production by a few million barrels. The process will entail installation of a platform, drilling of wells for injecting water and laying pipelines."
The Panna-Mukta and Tapti (PMT) oil and gas fields has a current production capacity of 32,000 barrels oil per day and 11.5 million standard cubic meters gas per day, which is declining at an annual rate of 18 per cent.