ONGC JV Restarts Production At PY-3 Offshore Oilfield In Cauvery Basin

ONGC said on Sunday that its joint venture with Hardy Exploration & Production (India) Inc. and Invenire Petrodyne Ltd. has resumed production from the PY-3 offshore oilfield in the Cauvery basin. The field, initially developed in 1997, had been inactive since July 2011.

This restart marks completion of Phase I of the multi-phase redevelopment plan, which involved reactivating the subsea well PD3SA, deploying infrastructure, and connecting it to the floating production vessel Svetah Venetia for oil processing and offloading.
Phase II will focus on drilling new wells and enhanced oil recovery to boost extraction of the field’s light, sweet crude oil.

Ownership of the PY-3 block is split with ONGC holding 50.63%, Invenire Petrodyne 26.58%, and Hardy Exploration (Invenire Energy group) operating the block with a 22.79% stake.