The Panna-Mukta and Tapti (PMT), a Joint Venture of Oil and Natural Gas Corporation (ONGC), Reliance Industries (RIL) and BG Exploration & Production India (BGEPIL), is going to hand over the PannaMukta oil and gas fields back to the Government of India's nominee i.e. ONGC on December 21, 2019. 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 December 21, 2019. The Tapti fields had ceased production earlier in 2016 and the Tapti process platform facilities were handed over to ONGC (GOI nominee) 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 & site restoration project. The Tapti decommissioning and other commercial activities would continue in BGEPIL even after Panna-Mukta handover.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
