ONGC, Reliance, British Gas to abandon Tapti gas field.

The Tapti field of the Panna-Mukta-Tapti consortium will be abandoned in a year's time by the consortium partners because of its wells' poor output. It will be the first offshore field to be abandoned in India.

The field consortium partners are Oil and Natural Gas Corporation (ONGC) with 40 per cent stake and British Gas India and Reliance Industries with 30 per cent stake each, respectively.

In a presentation to analysts after the company's fourth-quarter results, Reliance Industries (RIL) said, 'The JV partners witnessed poor performance from the newly drilled wells. Re-evaluation of the field showed a significant drop in reserves. The field is moving towards early abandonment.'

The JV (joint venture) partners have submitted their proposal to the Ministry of Petroleum and Natural Gas for early abandonment of the field. 'The proposal is under review with the Government of India,' RIL added.

BS