05-03-09 Indian oil company ONGC outlined joint-venture plans to spend over $ 500 mm revamping aging offshore infrastructure, some of it 40 years old, in the hope of producing for two more decades.
The ONGC board approved spending 40 % of a planned $ 329 mm installing two well-head platforms, pipelines and drilling nine new wells at the Panna Mukta Joint Venture's PK & South West Panna areas.

Dubbed Project Hydra, the plan will add 14.5 mm barrels of oil and 21.4 bn cf of gas from the greater Panna field over 11 years.
In a part of Panna-Mukta called PL, draining the southern part of the main field is envisioned. The work is seen costing $ 186.4 mm, and ONGC will cover $ 74.6 mm of a modification expected to add 8.26 mm bbl of oil and 12.25 bn cf of gas.

Panna-Mukta is operated by the consortium of ONGC (40 %), Reliance Industries (30 %) and British Gas's Indian business (30 %).