Financial Daily from THE HINDU group of publications
Saturday, May 21, 2005
Financial Daily from THE HINDU group of publications Saturday, May 21, 2005 |
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Industry & Economy
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Petroleum Panna-Mukta-Tapti joint venture hikes output Our Bureau
Kolkata , May 20 THE Panna-Mukta-Tapti joint venture between British Gas, Reliance and ONGC has raised its production to million standard cubic metre per day (mmscmd). The joint venture was earlier forced to reduce output. Sources said that GAIL had started lifting its entire quota of 6 mmscmd at $3.86 per mmbtu (million metric ton British thermal unit). The rest is being sold directly through Gujarat State Petroleum Corporation Ltd, Gujarat Gas Corporation Ltd, Indian Petrochemical Corporation Ltd and Reliance at $4.08 mmbtu. The joint venture had previously asked for close to $4.2 per mmbtu for supplies to GAIL before finally settling at $3.86 for the current fiscal (as asked for by the Ministry). Stating that problems were resolved for the time being, the sources said that the joint venture would press for the desired hike in prices for supplies to GAIL, next year. On whether the joint venture had plans to increase its production, the sources said that this would happen from 2006. Having launched a $600-million expansion plan recently, the joint venture is expecting augmented production at the Panna field in 2006. Production at the Tapti field will be raised before the monsoon in 2007.
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