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.
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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.
