ONGC Restarts Oil Production from PY-3 Cauvery Basin field
By Ankur Chandra | Updated at: May 31, 2025 10:46 PM IST
Oil and Natural Gas Corporation Ltd, along with Hardy Exploration & Production (India) Inc. and Invenire Petrodyne Ltd, has resumed crude oil production from the PY-3 field in the Cauvery Basin after a 14-year shutdown.
Field Background and Restart Milestone
The PY-3 field, first brought onstream in 1997, had remained non-operational since July 2011. The recommencement follows the completion of Phase I of a revised Field Development Plan (FDP). This phase involved:
- Integrity assessment and activation of subsea well PD3SA
- Installation of subsea infrastructure
- Connection to the FPSO Svetah Venetia, which processes oil, gas, and water
- Offloading of oil via shuttle tankers to coastal refineries
The field produces light, sweet crude and is expected to benefit from enhanced recovery techniques in the next phase.
Phase II and Future Development
Phase II of the FDP will include the drilling of new wells and application of Enhanced Oil Recovery (EOR) technologies to increase production output from this high-potential asset.
JV Composition and Roles
| Company | Role | Stake (%) |
|---|---|---|
| Oil and Natural Gas Corporation Ltd | Principal partner | 50.63 |
| Invenire Petrodyne Ltd | JV partner | 26.58 |
| Hardy Exploration & Production (India) | Operator via Invenire Energy Group | 22.79 |
Hardy Exploration pioneered the initial development of PY-3 with floating production facilities and subsea completions, an industry-first for India at the time.
Management Commentary
Mr. Manish Maheshwari, Chairman of Invenire Energy, and Mr. Arunangshu Sarkar, Director (Strategy & Corporate Affairs) at ONGC, extended gratitude to the Ministry of Petroleum and Natural Gas and the Directorate General of Hydrocarbons for their continued support. Mr. Maheshwari stated: “This milestone marks a significant step in Invenire’s operational journey and reaffirms the JV’s commitment to contributing to India’s energy security.”
Strategic Significance
ONGC continues to lead India’s oil and gas exploration, managing the largest acreage and consistently maintaining a Reserve Replenishment Ratio (2P) above 1 for the past decade. The PY-3 revival not only boosts domestic output but underscores India’s strategic intent to reduce import dependency.
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REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/59765e27-b28f-4e93-be1a-e86247d433f0.pdf
