$53.2 Million to be Invested in Tapti Field Offshore India

The management committee for the Tapti gas field offshore India has approved a provisional investment budget of $53.20 million for the current and next financial years toward the field's development, according to a statement made by ONGC

ONGC holds a 40% stake in the Tapti field located off the country's western coast. Reliance Industries Ltd. and BG each hold a 30% stake.

"ONGC, as the major partner with 40% equity, would contribute $21.28 million for this development, while the other two partners Reliance and BG each will each contribute $15.96 million," said the statement.