Shell and Reliance to return ONGC to Panna Mukta oil and gas fields

ONGC Oil

Shell-Reliance give up Panna-Mukta fields; western offshore fields to revert to ONGC



Reliance and Shell have said that after operating the Panna-Mukta oil and gas field for 25 years, the partners of the Panna-Mukta and Tapti joint venture will re-assign this oil and gas field to state-owned ONGC on December 21. . Production in Tapti area located in this oil and gas field stopped in 2016.
Reliance, Shell JV To Return Panna-Mukta Oil Fields To ONGC



It has already been handed over to ONGC in 2016. Currently, about 10 thousand barrels of crude oil and 14 crore standard cubic feet of natural gas are being produced daily in the Panna-Mukta oil and gas field. The region has so far produced 211 million barrels of crude oil and 1,250 billion cubic feet of natural gas.
Shell-Reliance return Panna-Mukta fields back to ONGC



In 1994, the Indian government had given the license of this area located on the Mumbai coast in the Arabian Sea to the American company Enron and the group of Reliance Industries. ONGC discovered this oil and gas field and ONGC has a 40 percent stake in it, being nominated by the government. After Enron's bankruptcy, in 2003, its stake was bought by UK-based BG Group.
Reliance, Shell India to transfer stake in Panna-Mukta oil fields to ONGC 



Shale later bought the BG Group stake in 2016. Shell and Reliance Industries hold 30 percent each. After the expiry of the license period, Shell and Reliance have decided not to appeal for an extension.