The Panna-Mukta oilfield consists of two contiguous offshore oil fields to the northwest of Mumbai, India.
Location
The Panna field is 95 km northwest of Mumbai, and has an area of 430 km2. It is just north of the Bassein gas field and about 50 km east of the Bombay High oilfield. The Mukta field is about 100 km northwest of Mumbai, and has an area of 777 km2. Average water depth is 45 m in the Panna field and 65 m in the Mukta field. As of May 1999 estimated recoverable reserves of oil were 287 million barrels. Source rock is of Panna Formation
Ownership
The Panna-Mukta oil field and the Tapti gas field to the north were discovered by the Indian state-owned Oil and Natural Gas Corporation (ONGC), who initially operated the fields. Following a privatization policy a Reliance - Enron consortium gained a 25-year lease on the oil field in February 1994. Oil production at that time was 12,000 barrels per day. The lease was awarded under a production sharing arrangement. The Government of India would receive a variable share of profit depending on the investment multiple. In December 1994 a joint venture between ONGC (40%), Enron (30%) and Reliance (30%) took control of the field.