ONGC-led JV resumes crude production from offshore PY-3 field in Cauvery Basin
A joint venture led by Oil and Natural Gas Corporation (ONGC) has commenced crude oil production from the PY-3 field, located offshore in the Cauvery Basin and shut for almost 14 years.
Originally brought onstream in 1997, the field had been shut since July 2011. The resumption by the JV that comprises Hardy Exploration & Production (India) Inc. and Invenire Petrodyne, besides the State-owned ONGC, follows a multi-phase revised field development plan in place for reviving the production.
Integrity assessment, conditioning and activation of subsea well PD3SA; installation of subsea infrastructure; and hook-up to the floating production, storage and offloading (FPSO) vessel Svetah Venetia figured in Phase I of the revised FDP that has since been completed. The FPSO is being used to process and separate oil, gas and water. The produced oil is stored on the FPSO and offloaded to shuttle tankers for transport to refineries, ONGC said on Sunday.
Phase II of the FDP will involve 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.
Invenire Energy Group firm Hardy Exploration & Production (India) is the operator of the block with an effective 22.79% participating interest. ONGC holds 50.63% and Invenire Petrodyne remaining 26.58% interest.
Invenire Energy Chairman Manish Maheshwari and ONGC's Director (Strategy and Corporate Affairs) Arunangshu Sarkar, in a joint statement, appreciated the Union Ministry of Petroleum and Natural Gas and the Directorate General of Hydrocarbons (DGH) for their 'support, guidance and unwavering encouragement, which were instrumental in achieving this milestone.'
Mr. Maheshwari said the development marks a significant step in Invenire's operational journey and reaffirms the JV's commitment to contributing to India's energy security.
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