Ongc-led JV resumes the production of 'PY-3' foreign field in Cauvery Basin | Company Business News

New Delhi: An ongc-led joint venture resumed oil production of the ‘PY-3 field’, located in the Cauvery Basin on the east coast of India. 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. The PY-3 field was originally brought to the stream in 1997. “Phase I of the revised FDP is now complete. It included integrity assessment, conditioning and activation of the underwater pd3SA; the installation of underwater infrastructure; and the floating production, storage and upload (FPSO), Svetah Venetia said,” it said. The FPSO is used to process and separate oil, gas and water. The produced oil is stored on the FPSO and sent to the transport of tankers for transport to refineries. The statement states that Phase II of the FDP will apply the drill of additional wells and the application of improved oil recovery (eor) techniques to increase the production of this productive field, which produces light, sweet crude oil. Hardy Exploration & Production, a company of the Invenire Energy Group, is the operator of the block with an effective participating interest of 22.79%. Ongc has an effective participating interest of 50.63%, and Invenire Petromine has the remaining 26.58%. Ongc reported a 20% decline in its consolidated net profit to £ 8,856 crore on Wednesday. The gross turnover for the last quarter was £ 1.7 trillion, 0.8% lower than £ 1.72 trillion recorded in the previous year. In FY25, the independent production of crude oil was 18,558 million tons of ongc, with an increase of 0.9% against FY24. The independent production of natural gas was 19.654 billion cubic meters (BCM) in FY25 compared to 19.978 BCM in FY24. In FY25, Ongc declared a total of nine discoveries (five ones and four foreign) during FY 2024-25 in its operating surface. From this are seven prospects (four ones and three foreign) and two (one each in Lopland and Offshore) are new pool discoveries. About eight hydrocarbon discoveries were delivered in FY25.