Latest news with #FieldDevelopmentPlan
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.
Zawya
16-04-2025
- Business
- Zawya
Gulf Energy buys Tullow Oil's Kenya assets for $120mln
Tullow Oil has agreed to sell its assets in Kenya to Gulf Energy, a leading Kenyan energy and infrastructure group, for $120 million, the company announced Tuesday. Tullow's entire working interests in the East African nation are held by the subsidiary Tullow Kenya BV. The sale is structured for the London-listed exploration firm to get $80 million near-term cash receipts and a back-in right for 30 percent of potential future developments at no cost.'The consideration will be split into a $40 million payment due on completion, $40 million payable at the earlier of Field Development Plan (FDP) approval or 30 June 2026, and $40 million payable over five years from the third quarter of 2028 onwards,' Tullow announced in a statement on its website.'In addition, Tullow will be entitled to royalty payments subject to certain conditions. Tullow also retains a back-in right for a 30 percent participation in potential future development phases at no cost,' it added. The transaction is accretive to both equity and leverage and further accelerates Tullow's deleveraging process. Read: Tullow Oil writes off $18 million in Kenya project assets'Today's announcement marks another step forward in Tullow's accelerated deleveraging journey with near-term cash receipts of $80 million and mitigating significant capital exposure, whilst retaining a material option on the future development of the project. I am confident that the proceeds from this transaction, coupled with the $300 million from the disposal of our assets in Gabon, position the business strongly for a successful refinancing,' said Richard Miller, Tullow's chief fiinancial officer and interim chief executive.'We look forward to working with Gulf Energy, who have the requisite financing to complete the transaction and are a strong and credible counterparty, and by doing so, unlock material value for the people of Kenya,' he added. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
