Oil production has resumed at the PY-3 Field, located offshore in India’s Cauvery Basin, marking a significant revival for the asset after more than a decade of inactivity. The restart was led by a joint venture comprising Oil and Natural Gas Corporation Ltd (ONGC), Hardy Exploration & Production (India) Inc., and Invenire Petrodyne Ltd.
Reviving a Long-Dormant Asset
First brought into production in 1997, the PY-3 Field had been shut since July 2011. The joint venture partners have now successfully completed Phase I of a revised, multi-phase Field Development Plan (FDP) aimed at rejuvenating the field and unlocking its untapped potential.
Phase I included a comprehensive integrity assessment and reactivation of the subsea well PD3SA. It also involved the installation of subsea infrastructure and connection to the Floating Production, Storage and Offloading (FPSO) vessel Svetah Venetia, which now handles processing and separation of oil, gas, and water. Produced oil is stored on the FPSO and transferred to refineries via shuttle tankers.
Next Phase: Boosting Output Through EOR
Looking ahead, Phase II of the FDP will focus on scaling up production. This includes drilling new wells and deploying enhanced oil recovery (EOR) techniques to increase output from this prolific field, which produces light, sweet crude oil—a high-demand grade in global markets.
JV Structure and Operator Roles
Hardy Exploration and Production, a subsidiary of the Invenire Energy Group, serves as the operator of the PY-3 block with an effective 22.79% participating interest. ONGC holds the largest share with a 50.63% effective interest, while Invenire Petrodyne Ltd owns the remaining 26.58%.
Broader Exploration Success for ONGC
The resumption of PY-3 production aligns with ONGC’s broader exploration and development momentum. During FY 2024–25, the company reported nine hydrocarbon discoveries across its operated acreages—five onshore and four offshore. Among these, seven were classified as prospects, while two were new pool discoveries. Additionally, ONGC monetized eight of these finds, further reinforcing its upstream portfolio strength.
Conclusion
The successful restart of the PY-3 Field underscores ONGC and its partners’ commitment to maximizing production from legacy assets while driving innovation through enhanced recovery techniques. MSN.com reports that as Phase II progresses, the field will play a key role in bolstering domestic oil output and supporting India’s energy security goals.
