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News Brief | September 2013

ONGC, RIL and BG to Invest Rs.950 crore in Panna Field

Oil and Natural Gas Corporation (ONGC) and its consortium partners- Reliance Industries (RIL) and BG Exploration and Production India- are jointly investing Rs 950 crore to drill more wells to arrest declining production from the Panna field. BG Exploration and RIL hold 30 per cent stake each in the field, while ONGC has a participating interest of 40 per cent. A senior ONGC official said that the consortium plans to drill 11 wells in total by the end of this year, which would result in an output of over 8,500-9,000 barrels of oil per day.
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