British Gas and partners to invest in India’s PMT fields

Jan 19, 2012 12:00 AM

UK energy major British Gas said it is ready with a multi-billion dollar investment plan along with its partners Reliance Industries and ONGC for sustaining the oil and gas production from the Panna-Mukta-Tapti (PMT) fields on the western offshore.
Sources close to the company said the investment could run anywhere close to $ 3 bn.

“The plan for PMT fields has already been submitted by British Gas and its partners to the government for maintaining the current oil and gas production from the fields for the next 10-15 years,” British Gas India president and CEO, Walter Simpson said.
“The contract for the PMT fields (currently producing over 30,000 bpd ends in 2019 and we have sought an extension for another 10 years,” he said.

Setting aside speculations over its exit from India, Simpson said, “We have no plans to leave India and these are pure speculations."
"We constantly keep our portfolio under review as any business does, which is to maximise the value for its shareholders.”

Talks over British Gas’s exit from India had started after the company announced plans to exit the three offshore blocks in the KG basin, where ONGC is its partner.
Further, the company has also initiated talks to sell its 65 % stake in Gujarat Gas, the city gas retailing firm in Gujarat.

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