The Tapti gas field, part of the Panna-Mukta-Tapti asset in the west coast of India, has started showing signs of a rapid early decline in output. According to the latest estimates, the field, which was earlier expected to produce till the end of the next financial year, might see production end by June. The Panna-Mukta-Tapti fields, commonly called the PMT asset, are owned by a consortium of three companies--state-owned Oil and Natural Gas Corp. Ltd (ONGC), Reliance Industries Ltd (RIL) and British oil and gas company BG India. ONGC owns 40 per cent, while RIL and BG India own 30 per cent each. BG India is the operator of the asset. The Panna and Mukta fields, primarily oil-bearing, are located 90 km north-west of Mumbai in the Arabian Sea and the gas-bearing Tapti field is located 160km north-west of Mumbai.
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