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BG GROUP, ONGC, RELIANCE SIGN JOINT OPERATING AGREEMENT.
NEW DELHI, March 3 Asia Pulse - British oil and gas major BG Group Plc, India's state firm Oil and Natural Gas Corporation (BSE:ONGC) and Reliance Industries (BSE:RELI) have agreed to jointly operate Panna-Mukta and Tapti oil and gas fields, ending the year long row over who would manage the highly-profitable producing fields.
The three partners, who signed an integrated joint operating framework late last night, will conduct the operations through a three-member Operator Board, chairmanship of which would be rotated on a two-yearly basis, highly placed sources said here.
The agreement comes at a time when the entire board of BG Group Plc is visiting India to show its commitment to invest in the country.
ONGC will have the first call on the chairmanship of the Operator Board, which comprises representative from ...
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Source: HighBeam Research, BG GROUP, ONGC, RELIANCE SIGN JOINT OPERATING AGREEMENT.