Latest news with #ManishMaheshwari
Fibre2Fashion
27-05-2025
- Business
- Fibre2Fashion
ONGC, Invenire JV revives PY-3 field in India with new plan
A Joint Venture of Oil and Natural Gas Corporation Limited (ONGC), Hardy Exploration & Production (India) Inc., and Invenire Petrodyne Limited has successfully commenced production from the PY-3 Field, located offshore in the Cauvery Basin on the east coast of India, as of 23 May 2025. Originally brought onstream in 1997, the PY-3 Field had been shut since July 2011. Since then, a multi-phase revised Field Development Plan (FDP) has been implemented to revive production. The PY-3 Field offshore Cauvery Basin resumed production on May 23, 2025 after being shut since 2011. Phase I of the Field Development Plan (FDP) involved well activation and subsea infrastructure installation. Phase II will focus on drilling and enhanced oil recovery. ONGC holds 50.63 per cent, Hardy Exploration 22.79 per cent, and Invenire 26.58 per cent. 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. 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. 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 per cent participating interest. ONGC holds a 50.63 per cent effective participating interest, and Invenire Petrodyne Ltd. holds the remaining 26.58 per cent. 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. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (MS)
The Hindu
26-05-2025
- Business
- The Hindu
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.
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.
India Gazette
25-05-2025
- Business
- India Gazette
Production resumes from offshore PY-3 field in Cauvery Basin by ONGC-led joint venture
New Delhi [India], May 25 (ANI): A joint venture of Oil and Natural Gas Corporation Limited (ONGC), Hardy Exploration and Production (India) Inc., and Invenire Petrodyne has successfully commenced production from the PY-3 Field, located offshore in the Cauvery Basin on the east coast of India, ONGC said in a statement Sunday. Originally brought on-stream in 1997, the PY-3 Field had been shut since July 2011. Since then, a multi-phase revised Field Development Plan (FDP) has been implemented to revive production. 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. 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 ONGC statement added. '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,' it added. Hardy Exploration and Production (India) Inc., a company of the Invenire Energy Group, is the operator of the block with an effective 22.79 per cent participating interest. ONGC holds a 50.63 per cent effective participating interest, and Invenire Petrodyne Ltd. holds the remaining 26.58 per cent. In a joint statement, Manish Maheshwari, Chairman, Invenire Energy, and Arunangshu Sarkar, Director (Strategy and 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 they said were instrumental in achieving this milestone. Maheshwari added that this marks a significant step in Invenire's operational journey and reaffirms the joint venture's commitment to contributing to India's energy security. (ANI)
Business Standard
14-05-2025
- Business
- Business Standard
New York-based BAT VC Announces India Entry with $100 Million AI-focused Fund II
VMPL New York [US], May 14: BAT VC, a prominent New York-based venture capital firm, announced its entry into India, unveiling plans to invest up to $100 million through its second fund targeting India-linked startups specializing in AI and DeepTech disruptions in FinTech and B2B SaaS. Fund II builds on BAT VC's successful track record of identifying high-potential startups early, demonstrated through investments in Wand AI, StockGro, Nickelytics (acquired), Accern (acquired) and Uptiq AI from its previous fund. India's AI sector is entering a golden era, growing at 32% annually and projected to reach $23 billion by 2027. The country now boasts a pool of 450,000+ AI/ML professionals and an ecosystem ripe for global scale. In parallel, India's enterprise SaaS market surged to $8.7 billion, growing at a 35% CAGR--twice the global average. U.S.-India cross-border AI investments grew 180% to $4.7 billion in 2023, and the convergence of talent, capital, and market access has created a uniquely compelling investment landscape. The new India-focused initiative will be spearheaded by BAT VC's three General Partners: Manish Maheshwari, ex-Twitter India head, Mason Fellow at Harvard University and former Flipkart executive, whose AI venture, was recently acquired. Aditya Mishra, who achieved a successful entrepreneurial exit with FaceLogique and has held executive roles at Yahoo!, G/O Media, Accenture, and EY. Ravi Metta, former CTO at Finastra and product engineering leader at Intuit, brings deep technical expertise and a proven track record of driving innovation. "My move to Bengaluru underscores our conviction in India's potential to lead the next wave of AI-driven global growth," said Manish Maheshwari, General Partner and India Head at BAT VC. "We aim to back Indian founders building globally relevant AI products, supported by capital and perspective from both the US and India," said Aditya Mishra, Managing Director and General Partner. "Our technical depth enables us to identify high-impact AI startups early and guide them through global scale-up," said Ravi Metta, General Partner. India's startup ecosystem has grown significantly, with funding doubling to $27 billion, a 3x increase in scaled startups (>$10M revenue), and over $36 billion in public tech exits over the past five years--driven by momentum in fintech, SaaS, and digital innovation. Yet, India remains under-allocated: it receives just 5% of global VC capital despite representing nearly 20% of the world's population. This gap represents an arbitrage opportunity. The firm has garnered substantial interest from institutional investors and family offices in both the US and India, reflecting growing global confidence in India's potential. These stakeholders increasingly recognize India as the next big venture capital opportunity, especially as China-related risks grow and capital looks for alternative high-growth markets. Fund II reflects BAT VC's belief that India is no longer a frontier, but a core allocation for forward-looking global LPs. For more information, visit
