Latest news with #FieldDevelopmentPlan
Observer
4 days ago
- Business
- Observer
Oman to unlock 2 TCF of additional gas from Block 61: OQEP
MUSCAT, AUG 13 Block 61 – one of Oman's largest gas blocks, currently accounting for around one-third of the country's total gas production – is the focus of a new initiative to uncover additional gas resources to help meet future demand growth, according to OQ Exploration & Production (OQEP), a key shareholder with a 30% non-operating interest in the license. Energy supermajor BP is the operator of Block 61 with a 40% equity stake. Current production from the license averages 1.5 billion cubic feet per day (bcf/d) of gas, along with around 60,000 barrels per day (bpd) of condensate. Plans are now underway to unlock further gas volumes from this flagship asset, said OQEP – the upstream energy arm of OQ Group. 'OQEP worked with its partner BP to update the asset development plan for Block 61, which anticipates developing up to 2 trillion cubic feet (TCF) of additional recoverable gas resources for future growth,' the publicly traded oil and gas firm stated in its Directors' Report for the six months ended June 30, 2025. OQEP officials had earlier revealed that the additional gas volumes, expected to be unlocked through an updated Field Development Plan (FDP), are being considered for the country's planned fourth LNG train project, with a proposed capacity of 3.8 million tonnes per year. The FDP, which targets reserves beyond the current 2P estimates, is anticipated to receive government approval by late 2025 or early 2026. Final investment decisions (FIDs) for both the FDP and the new LNG train are expected in 2026, with OQ joining BP and other partners in monetizing these additional resources through LNG exports. Other stakeholders in Block 61 include Thai energy giant PTTEP (20%) and Malaysia's Petronas (10%). Also during the first half of this year, OQEP added new licenses to its substantial upstream portfolio while advancing the development of existing assets. Notably, the company and its partners in Block 53, containing the prolific Mukhaizna heavy oil field, secured an amendment to the Exploration and Production Sharing Agreement (EPSA), extending the agreement by 15 years to 2050 under improved fiscal terms. This extension is expected to enable the production of up to an additional 800 million gross barrels of oil. In June, OQEP and its Block 47 partner, ENI Oman BV, secured an agreement with the Ministry of Energy and Minerals to extend Phase 1 of Block 47 by six months from March 24, 2025, allowing for the drilling of an exploration well. Furthermore, as part of its ongoing collaboration with the Ministry, OQEP—alongside financial advisor Scotiabank—supported the marketing of Blocks 18, 36, 43A, and 66 to attract new investment into Oman's exploration and production sector. These blocks form part of the 15 blocks the Ministry plans to promote during 2025 and 2026 with OQEP's continued assistance. In addition, OQEP and Turkish Petroleum Corporation (TPAO) signed a Cooperation Agreement to explore new opportunities, followed by an exclusive agreement with the Ministry to assess and evaluate selected blocks.
Time of India
26-05-2025
- Business
- Time of India
ONGC-Invenire JV resumes crude oil production at PY-3 offshore field after 13-year hiatus
New Delhi: Crude oil production from the PY-3 offshore field in the Cauvery Basin has resumed after a 13-year shutdown, following the completion of Phase I of the revised Field Development Plan (FDP), a joint statement by Oil and Natural Gas Corporation ( ONGC ), Invenire Petrodyne Limited , and Hardy Exploration & Production (India) Inc. said. The PY-3 Field, located off the east coast of India, was first brought on-stream in 1997 and had been shut since July 2011. The field is being developed under a Joint Venture (JV) comprising ONGC with a 50.63 per cent participating interest, Hardy Exploration with an effective 22.79 per cent, and Invenire Petrodyne holding 26.58 per cent. Phase I of the FDP involved assessment and activation of the subsea well PD3SA, installation of subsea infrastructure, and integration with the Floating Production, Storage, and Offloading (FPSO) vessel Svetah Venetia. The FPSO is being used for processing and separating oil, gas, and water, while the produced oil is stored onboard and offloaded via shuttle tankers to refineries. Phase II of the FDP will include drilling of new wells and use of enhanced oil recovery (EOR) techniques to augment output from the field, which produces light, sweet crude. 'The successful execution of the plan to resume production marks a significant milestone,' the JV said. In a joint statement, Manish Maheshwari, Chairman, Invenire Energy, and Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC, expressed gratitude to the Ministry of Petroleum and Natural Gas (MoPNG) and the Directorate General of Hydrocarbons (DGH) for their support. Maheshwari stated, 'This marks a significant step in Invenire's operational journey and reaffirms the JV's commitment to contributing to India's energy security.' Hardy Exploration & Production (India) Inc., a company of the Invenire Energy Group, is the operator of the PY-3 block.
Mint
25-05-2025
- Business
- Mint
ONGC-led JV resumes production from 'PY-3' offshore field in Cauvery basin
New Delhi: An ONGC-led joint venture has resumed oil production from the 'PY-3 Field', located offshore in the Cauvery Basin on India's east coast. The joint venture of Oil and Natural Gas Corp. Ltd (ONGC) with Hardy Exploration & Production (India) Inc., and Invenire Petrodyne Ltd, has implemented a multi-phase revised Field Development Plan (FDP) to revive production in the PY-3 Field. Originally brought on-stream in 1997, the PY-3 Field has been shut since July 2011. "Phase I of the revised FDP has now been completed. This included integrity assessment, conditioning and activation of the subsea well PD3SA; installation of subsea infrastructure; and hook-up to the Floating Production, Storage and Offloading (FPSO) vessel Svetah Venetia," it said. 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. The statement said that Phase II of the FDP will involve drilling additional wells and applying enhanced oil recovery (EOR) techniques to boost output from this prolific field, which yields light, sweet crude oil. Hardy Exploration & Production, 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 has the remaining 26.58%. ONGC on Wednesday reported a 20% year-on-year fall in its consolidated net profit to ₹ 8,856 crore. Its gross revenue for the last quarter was ₹ 1.7 trillion, 0.8% lower than ₹ 1.72 trillion recorded in the year-ago period. In FY25, ONGC's standalone crude oil production was 18.558 million tonnes, with an increase of 0.9% over FY24. The standalone natural gas production was 19.654 billion cubic metres (BCM) in FY25 as against 19.978 BCM in FY24. In FY25, ONGC declared a total of nine discoveries (five onland and four offshore) during FY 2024-25 in its operated acreages. Out of these, seven are prospects (four onland and three offshore) and two (one each in onland and offshore) are new pool discoveries. About eight hydrocarbon discoveries were monetized in FY25.
Business Upturn
25-05-2025
- Business
- Business Upturn
ONGC-led JV resumes production from PY-3 Field in Cauvery Basin
A joint venture between Oil and Natural Gas Corporation Limited (ONGC), Hardy Exploration & Production (India) Inc., and Invenire Petrodyne Limited has resumed production from the PY-3 Field, located offshore in the Cauvery Basin on India's east coast. The PY-3 Field, originally brought into production in 1997, had been non-operational since July 2011. Production has resumed following the completion of Phase I of a revised Field Development Plan (FDP), which aims to restore and enhance output from the field. Key activities completed in Phase I include the integrity assessment and activation of subsea well PD3SA, installation of subsea infrastructure, and hook-up to the Floating Production, Storage, and Offloading (FPSO) vessel Svetah Venetia . The FPSO is used to process and separate oil, gas, and water. Crude oil produced from the field is stored on the FPSO and offloaded to shuttle tankers for delivery to refineries. Phase II of the FDP will include drilling of new wells and the deployment of enhanced oil recovery (EOR) techniques to increase production. The PY-3 Field produces light, sweet crude oil. Ownership in the joint venture is structured with ONGC holding a 50.63% effective participating interest, Hardy Exploration & Production (India) Inc. holding 22.79%, and Invenire Petrodyne Limited holding the remaining 26.58%. Hardy, a company of the Invenire Energy Group, serves as the operator of the block. In a joint statement, representatives from ONGC and Invenire acknowledged the support from the Ministry of Petroleum and Natural Gas (MoPNG) and the Directorate General of Hydrocarbons (DGH) in facilitating the project's progress. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
TimesLIVE
07-05-2025
- Business
- TimesLIVE
ExxonMobil plans $1.5bn investment in Nigerian deepwater oilfield
Energy giant ExxonMobil is set to inject $1.5bn (R27.43bn) into the development of its deepwater operations in Nigeria, the country's oil regulator said on Wednesday. The planned capital deployment, spanning from the second quarter of 2025 to 2027, will primarily focus on revitalising production at the Usan deepwater oilfield, located on the key offshore block OML 138 in the eastern Niger Delta, approximately 70km offshore. The Usan field, discovered in 2002 and granted development approval in 2008, commenced production in 2012 and currently comprises around 34 subsea production and injection wells connected to eight subsea manifolds. ExxonMobil anticipates reaching a final investment decision (FID) on the Usan project in late Q3 2025. This decision is contingent upon the approval of the Field Development Plan and the securing of necessary internal and partner funding. During a meeting on Tuesday with Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), ExxonMobil's managing director in Nigeria, Shane Harris, said this $1.5bn commitment is in addition to other planned investments aimed at developing further deepwater assets, including the Owowo and Erha fields. Komolafe welcomed the significant investment, noting that it aligns with the NUPRC's ambition to boost Nigeria's crude oil production to 2.4-million barrels per day by next year under its "Project 1-Million Barrels" initiative.
