British oil and gas major BG Group, Oil and Natural Gas Corp and Reliance Industries agreed to jointly operate Panna-Mukta and Tapti oil and gas fields, ending the year long row over who would manage the highly-profitable producing fields.

The three partners, who signed an integrated joint operating framework late Friday night, will conduct the operations through a three-member operator board, chairmanship of which would be rotated on a two-yearly basis, highly placed sources said in New Delhi.

The agreement comes at a time when the entire board of BG Group is visiting India to show its commitment to invest in the country.

ONGC will have the first call on the chairmanship of the operator board, which comprises representative from each company. RIL would take over after two years, followed by BG Group, sources said.

As per the agreement, managing committee for the fields - which besides the three partners also includes government's nodal agency Directorate General of Hydrocarbons - would approve the operation budget and the operating board would make cash calls, within the budgeted limits, on the partners and approve future investments.

While each of the three partners have to be assigned a task depending upon the respective strengths, the contentious multi-million dollar contracts would be jointly awarded, they said.

The British firm would be in charge of operations and technical services while RIL would look after finances and commercial interests of the joint venture. Procurements and contracts would fall under ONGC's responsibilities.