The Hindu Business Line : BG signs deal with ONGC, RIL on operatorship

AFTER a year-long tussle, BG Group Plc, Oil and Natural Gas Corporation (ONGC) and Reliance Industries Ltd (RIL) have formally agreed to jointly operate the Panna-Mukta and Tapti oil and gas fields.

The three equity partners have entered into a joint operating framework wherein a three-member Operator Board will conduct the operations, while the chairmanship of the board would be rotated on a two-yearly basis, officials said here.

ONGC will be the first chairman of the Operator Board, which comprises representative from each company. RIL would take over after two years, followed by BG group. Contracts relating to the business, however, will be awarded jointly by the three partners in the venture. While BG would be overseeing the operations and technical services, RIL would look after finances and commercial interests of the joint venture. Procurements and contracts will fall in ONGC's domain.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Cos may rush to pay out interim dividends — To skip distribution tax

Jaswant open to rethink on dividend taxation

Maruti, HM cut prices

Excise duty cuts not so cool

BG signs deal with ONGC, RIL on operatorship

Export growth in Jan dips