State-owned Oil and Natural Gas Corporation along with its consortium partners Reliance Industries and BG Exploration and Production India is to jointly invest Rs 950 to arrest the declining production of Panna field, said Business Standard.
Panna field comprises 430 square kilometres of area, located 50 kilometres east of the giant Bombay High field of the Mumbai city, said the media report.
BG Exploration and Production India, a part of UK-based BG group and Reliance Industries (RIL) hold 30 per cent stake each in the field, while ONGC has a participating interest of 40 per cent.
According to the media report, a similar drilling programme is being envisaged for the Mukta and Tapti fileds, too.
Drop in production from PMT also impacted trading volumes for Gail India during the first quarter of this fiscal.
GAIL transported 99 million standard cubic meters per day of gas during April-June, down from 110 million metric standard cubic metres per day (mmscmd) a year ago.
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