British oil and gas major BG Group has proposed to invest about $800 million over the next two years in developing the Panna-Mukta and Tapti oil and gas fields to improve production from the offshore fields.
Holding the Centre responsible for putting Gujarat in a tricky situation, state Petrochemicals Minister Saurabh Patel on Monday informed the Assembly that with the scrapping of gas purchase agreements, Gujarat would not be able to get gas from April this year.
GAIL, which currently markets 4.8 million standard cubic metres per day of gas from the fields lying in western offshore, will now get to market the entire output of 15.5 mmscmd from PMT fields, a move that will boost the company's annual revenue by about Rs 5,000 crore (Rs 50 billion), official sources said.
The consortium of Oil and Natural Gas Corporation, BG and Reliance will raise the output from Panna-Mukta-Tapti fields in western offshore of the country by 30 per cent at an investment of Rs 2,192 crore or Rs 21.92 billion ($520 million).
The 30-share Sensex gained 117 points to end above 29,000 at 29,006 while the 50-share Nifty gained 32 points to close at 8,761.
The company is looking to invest more than $3 bn over the next three years.
The top losers from the Sensex pack are ONGC, Coal India, Vedanta, Reliance Inds and L&T.
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