BG, India’s Oil and Natural Gas Corporation and Reliance Industries have agreed to jointly operate the Panna-Mukta and Tapti oil and gas fields, ending a row over who would manage the highly-profitable fields. The partners will conduct the operations through a three-member Operator Board, chairmanship of which would rotate on a two-yearly basis. BP will be in charge of operations and technical services while RIL will look after finances and commercial interests of the joint venture. Procurements and contracts will fall under ONGC’s responsibilities.
