British energy firm the BG Group on Tuesday has drawn up plans to invest $500 million in the next five years in its oil and gas business in India, company's India head Walter Simpson said here on Tuesday.
Speaking on the sidelines of Petrotech 2010, Mr. Simpson said the company was looking at expansion in upstream and downstream opportunities.
The BG Group has 30 per cent stake in the Panna-Mukta and Tapti (PMT) oil and gas fields off the West Coast. Besides, it has 25-24 per cent stake in three exploration blocks with Oil and Natural Gas Corporation (ONGC). It has a 65.12 per cent controlling stake in Gujarat Gas Co, which sells gas in Gujarat, and 49.75 per cent stake in Mahangar Gas which retails CNG and piped gas in Mumbai.
Mr. Simpson said the BG Group and its partners ONGC and Reliance Industries are planning further investment in raising the output from the PMT fields. ONGC has 40 per cent interest in the PMT fileds and RIL the remaining 30 per cent.
The BG Group's aim is to optimise recovery from the PMT fields through ongoing existing field development as well as new projects. The company would complete installation of Panna-L platform by December, with first production in early 2011, he said.
Mr. Simpson said the BG Group wass looking at participation in the current IX round of the New Exploration Licensing Policy (NELP) where 34 blocks have been offered for bidding.
He said BG had expressed interest to pick a stake in ONGC's gas discovery in block KG-DWN-98/2 after two foreign partners Petrobras of Brazil and Norsk Hydro of Norway parted ways. “We had shown interest and the process is on,'' he said.
