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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.
Yahoo
26-05-2025
- Business
- Yahoo
PY-3 offshore field resumes production after 13 years
The PY-3 offshore field in the Cauvery Basin has recommenced crude oil production after a 13-year hiatus. This development follows the successful completion of phase I of the revised field development plan (FDP), as announced by the joint venture partners Oil and Natural Gas Corporation (ONGC), Invenire Petrodyne, and Hardy Exploration & Production (India). The PY-3 field, which lies off the east coast of India, was initially brought into production in 1997 but has been non-operational since July 2011. The joint venture is composed of ONGC with a 50.63% participating interest, Hardy Exploration with an effective 22.79%, and Invenire Petrodyne holding 26.58%. Phase I of the FDP included the assessment and reactivation of the subsea well PD3SA, the installation of subsea infrastructure, and the integration with the floating production, storage, and offloading (FPSO) vessel named Svetah Venetia. The FPSO is utilised for processing and separating oil, gas, and water. The produced oil is stored onboard and then offloaded to refineries via shuttle tankers. Phase II of the FDP will involve drilling new wells and employing enhanced oil recovery (EOR) techniques to increase the field's output, which is known for producing light, sweet crude. The JV partners were quoted by The Economic Times as saying: "The successful execution of the plan to resume production marks a significant milestone." 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), part of the Invenire Energy Group, serves as the operator of the PY-3 block. Also, ONGC has entered into a strategic partnership with global energy giant bp to bolster production at the Mumbai High oilfield. "PY-3 offshore field resumes production after 13 years" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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.
