After operating Panna-Mukta oil and gas fields for 25 years, Royal Dutch Shell and Reliance Industries will revert the western offshore fields back to state-owned Oil and Natural Gas Corp (ONGC).
About:
The Panna-Mukta oilfield consists of two contiguous offshore oil and gas fields in the Arabian Sea off the Mumbai coast.
In 1994, these were awarded to a consortium of US energy giant Enron and Reliance. Enron during its bankruptcy was taken over by BG Group of UK in 2003. BG Group's interest was subsequently taken over by Shell in 2016.
RIL and Shell, through its subsdiary BG Exploration & Production India (BGEPIL), hold 30 per cent each in Panna, Mukta, and Tapti joint venture (JV), while the remaining 40 per cent is owned by ONGC, the government nominee.
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