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To produce more output in Panna oil field, an investment of Rs 950 crore is being invested jointly by the State-owned Oil and Natural Gas Corporation (ONGC) and its partners-Reliance Industries and BG Exploration and Production India. The consortium is to dig more wells in the fied. ONGC has a 40 per cent interest in the oil field. Recently, the output in Panna field has come down.
A 30 per cent stake each is being held by BG Exploration and Production India, a part of UK-based BG group and Reliance Industries (RIL) hold in the field. The consortium plans to drill 11 wells in total by the end of this year.
ONGC sources said that two wells have been drilled and drilling is on for another two. A total of 11 wells drilled by December 2013 would result in an output of over 8,500-9,000 barrels of oil per day, the sources added.