British Gas to Invest in India

British Gas will invest around $1 billion in its Indian assets over the next five years.

This includes a $275 million investment in the Panna Mukta Tapti oil field in Gujarat.

The oil field is owned by a consortium, which includes Reliance Industries, ONGC and BG. British Gas owns 30 per cent stake in the consortium.

The consortium is planning to increase recoveries from the field, BG Chairman Robert Wilson said.

The three companies together are expected to invest around $750 million in the field to increase recoveries from the current 10.5 million standard cubic metre per day (mmscmd) to 17 mmscmd by mid-2007.

Wilson also indicated that a similar amount may be invested in the company's other asset, an exploration block in the Krishna-Godavari basin in which it is a partner with ONGC.