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UK energy major British Gas said it is ready with a multi-billion dollar investment plan along with its partners Reliance Industries Ltd (RIL) and state-controlled ONGC for sustaining the oil and gas production from the Panna-MuktaTapti (PMT) fields on the western offshore. Sources close to the company said the investment could run anywhere close to $3 billion (R15,500 crore).

“The plan for PMT fields has already been submitted by BG and its partners to the government for maintaining the current oil and gas production from the fields for the next 10-15 years,“ BG India president and CEO, Walter Simpson told Hindustan Times.

“The contract for the PMT fields (currently producing over 30,000 barrels of oil per day) ends in 2019 and we have sought an extension for another 10 years,“ he said. CONSOLIDATION MODE “India as a market has a huge appetite for LNG and BG wants to position itself as a major supplier.“ -WALTER SIMPSON, President and CEO, BG India