Financial Daily from THE HINDU group of publications
Tuesday, Jan 18, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 18, 2005 |
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Petroleum Industry & Economy - Petroleum BG to invest $250 m more in Panna-Mukta, Tapti oilfields Raghuvir Srinivasan
New Delhi , Jan. 17 BG (formerly British Gas) is investing afresh in the Panna-Mukta and Tapti oilfields to increase the production of natural gas. The multinational gas major, which has invested $500 million (around Rs 2,200 crore) in the fields till now, is a joint operator along with Reliance Industries and Oil and Natural Gas Corporation. Speaking to correspondents at the sidelines of the ongoing international conference on petroleum, Petrotech 2005, Mr Frank Chapman, CEO, BG Group said that BG was investing a further $250 million in order to expand gas production from the present 250 million cubic feet (mcft) to 450 mcft in the Tapti field and from 135 mcft to 200 mcft in Panna-Mukta. "Eventually, we are looking at options to increase total investments to $1 billion," he said, indicating that the company had major investment plans for the field. Mr Chapman said that BG was serious about the Indian market even though its plans to set up an LNG facility are now on the backburner. "Our ambition is to develop a gas market and supply cost-effective gas. At some point in this game we will engage in the LNG business," he said in reply to a question on whether the LNG project will be revived. BG is presently engaged in developing the cogeneration business whereby it will set up small power generation units based on gas that will use the heat generated in the process to fuel heating or air-conditioning requirements of the customer. Such units would be mainly useful for small users such as hotels and the size of the units would start at 1 MW and can be scaled up based on requirements. Mr Chapman said that a couple of customers have already evinced interest in this business and BG has set up a team focused specifically on cogeneration.
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