BG commits more India investments in exploration

BG had, late last week, reached an agreement with ONGC and Reliance Industries for a joint operatorship of Panna-Mukta and Tapti oil and gas fields wherein the unincorporated joint venture will work through an operator board having one senior representative from each company.

Naik said the bg top brass, headed by its chairman Richard Giordano and chief executive officer Frank Chapman, was committed to taking up expansion of the fields, off the Mumbai coast. An investment of $700 million by the consortium is envisaged to double gas output from the field.

Bg and state gas firm Gail India Ltd would also look at opportunities of cooperation in bringing natural gas to India in form of lng from Iran, where the British company has a stake in a gas field, he said.

Besides, bg group has also proposed to construct a 2.65 million tonnes capacity lng import terminal at Pipavav in Gujarat.