ONGC JV Resumes Production After 13 Years

A joint venture between Oil and Natural Gas Corporation Limited (ONGC), Hardy Exploration & Production (India) Inc, and Invenire Petrodyne Limited commenced production on May 23, 14 years after it was shut.
The production began from the PY-3 Field located offshore in the Cauvery Basin on he east coast of India.
After being brought onstream in 1997, the PY-3 Field was shut in July 2011. Since then, a multi-phase revised Field Development Plan (FDP) has been implemented to revive production.
ONGC said in a statement that Phase-I of the revised FDP, which included integrity assessment, conditioning, and activation of the subsea well, installation of subsea infrastructure, and hook-up to the Floating Production, Storage, and Offloading (FPSO) vessel Svetah Venetia has been completed. The FPSO is being used to process and separate oil, gas, and water, with the oil being stored on the FPSO and offloaded to shuttle tankers for transport to refineries.
Phase II of the FDP will involve the drilling of additional wells and the application of enhanced oil recovery (EOR) techniques to boost output from this prolific field, which yields light, sweet crude oil.
Hardy Exploration & Production (India) Inc., a company of the Invenire Energy Group, is the operator of the block with an effective 22.79% participating interest. ONGC holds a 50.63% effective participating interest, and Invenire Petrodyne Ltd. holds the remaining 26.58%.
In a joint statement, Mr. Manish Maheshwari, Chairman, Invenire Energy, and Mr. Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC, expressed their appreciation to the Ministry of Petroleum and Natural Gas (MoPNG) and the Directorate General of Hydrocarbons (DGH) for their support, guidance, and unwavering encouragement, which were instrumental in achieving this milestone. Mr. Maheshwari added that this marks a significant step in Invenire’s operational journey and reaffirms the JV’s commitment to contributing to India’s energy security.