The Hindu Business Line : PMT hopeful of fresh reserves in Mukta field

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Kolkata March 5 The Panna-Mukta-Tapti (PMT) joint venture is hopeful of striking fresh reserves in extension of Mukta field. The joint venture of ONGC-Reliance-British Gas has already struck a marginal reserve with an estimated capacity to produce 3,000-4,000 barrels a day in South of Panna. Exploration drilling in Tapti field has not yielded any positive results so far.

Talking to Business Line, sources said geological and geophysical studies carried out so far in extended Mukta field have yielded "very encouraging results".

Accordingly, PMT has planned fresh 3-D seismic survey in both Panna and Mukta fields during 2007-08 at a total estimated cost of $60 million (approximately Rs 270 crore).

Meanwhile, PMT has submitted a $91-million (approximately Rs 400 crore) development plan for South of Panna. While Director General of Hydrocarbons is yet to approve the plan, sources said that the field, which is an extension of existing Panna field, has an estimated in place reserve of 20-40 million barrels.

The plan includes setting up only one production platform. "This is a small reserve and is expected to produce 3000 to 400 barrels a day," an ONGC official told Business Line. The crude quality of the new discovery is reportedly similar to existing production of Panna. ONGC is the operator of the joint venture.

Talking about the long pending proposal to nominate MRPL for lifting PMT crude, sources said that the move has gained sufficient momentum during the last few months. This is primarily due to the renewed interest from private sector partners (BG and RIL) to enhance the profitability of PMT failure on the part of the existing nominee Indian Oil Corporation to resolve the pending differences.

"The nomination of MRPL replacing IOC - for lifting PMT crude - now seems to be a distinct possibility," an ONGC official said.

PMT currently produces roughly 40,000 barrels a day of associated oil. The production will increase to 50,000 bpd by the second half of 2007-08 once the ongoing expansion plan is fully commissioned.

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