After operating for a period of 25 years, the Panna-Mukta and Tapti (PMT) Joint Venture partners will hand over the Panna-Mukta oil and gas fields back to the government of India’s nominee, ONGC.
The JV of PMT constituents include the Oil & Natural Gas Corporation (ONGC), Reliance Industries (RIL) and BG Exploration & Production India (BGEPIL), each holding a share of 40 percent, 30 percent and 30 percent participating interest respectively.
The Production Sharing Contracts (PSC) for the Panna-Mukta and Tapti fields, which were executed by the PMT JV with the government of India in 1994, will expire on 21 December 2019. The Tapti fields had ceased production earlier in 2016 and the Tapti process platform facilities were handed over to ONGC in 2016.
Decommissioning and site restoration of residual Tapti facilities, including five unmanned platforms and in-field pipelines, are currently being carried out by the PMT JV under India’s first offshore decommissioning and site restoration project. The Tapti decommissioning and other commercial activities will continue in BGEPIL even after Panna-Mukta handover.
The PMT fields were the first fields in India to be operated under a Joint Operatorship model. The Panna-Mukta fields, off the Mumbai coast, have produced 211 MMBBLs of Oil and 1.25 TCF of natural Gas since December 1994. In 2019, the average monthly production from the fields was around 10,000 bbls/day of crude oil and 140 mmscf/day of natural gas.
