Tuesday, Jun 16
NEW DELHI - Crude oil production from Panna-Mukta fields in western offshore is likely to restart Wednesday, two week after oil and gas production was shutdown due to an explosion on the Panna platform on Jun 3, an official close to the development said today.
"Depending on the weather condition, oil production is likely to start as early as Wednesday morning...Initial production could be around 15,000-17,000 barrels of oil per day," the official told NewsWire18.
State-run Oil and Natural Gas Corp. Ltd., Reliance Industries Ltd. and BG India jointly operate Panna-Mukta and Tapti fields.
ONGC holds 40% stake in these fields, while RIL and BG India own 30% each.
Oil production from Panna-Mukta fields stood at around 40,000 barrels per day prior to the accident. The entire output was bought by Indian Oil Corp. Ltd.
The official said gas production could take some more time--"probably weeks--to resume production.
The fields also produced 5.5 mmscmd of natural gas, which was marketed by state-run GAIL (India) Ltd.
At 3:02, ONGC shares were trading at 879.50 rupees on the National Stock Exchange, up 4.08% from Monday. RIL shares were 1.9% higher at 2,326 rupees.
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