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British Gas to double investment

New Delhi, March 6: British Gas (BG) has decided to double its investment to $ 1 billion in India for increasing the output of Panna-Mukta and Tapti oil and gas fields.

Further investment in the western offshore fields had been held for over a year because of the dispute between BG and ONGC over the operatorship of the fields.

BG had bought a 30 per cent share from Enron in the ONGC-discovered fields and had been keen on the CEO's post to run the operations. ONGC, on the other hand, as the largest shareholder with a 40 per cent stake, had staked its claim to the CEO’s post. They have now settled for a joint operatorship model.

BG chairman Richard Giordano and CEO Frank Chapman had come to India to give final touches to the plan.

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