Oil production from the 'PY-3 Field', which is situated offshore in the Cauvery Basin on the east coast of India, has resumed thanks to a joint venture led by ONGC.

To restart production in the PY-3 Field, Oil and Natural Gas Corp. Ltd. (ONGC) has adopted a multi-phase updated Field Development Plan (FDP) in collaboration with Hardy Exploration & Production (India) Inc. and Invenire Petrodyne Ltd.

The PY-3 Field was first put into service in 1997, however it has been closed 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.

Water, gas, and oil are processed and separated using the FPSO. After being held on the FPSO, the generated oil is transferred to shuttle tankers for delivery to refineries.

According to reports, Phase II of the FDP will increase production from this abundant field, which produces light, sweet crude oil, by drilling more wells and using enhanced oil recovery (EOR) techniques.

 

The block is operated by Hardy Exploration & Production, a member of the Invenire Energy Group, which holds an effective 22.79 percent participation stake. Invenire Petrodyne owns the remaining 26.58 percent of the effective participation stake, while ONGC owns 50.63 percent.

ONGC said that its consolidated net profit has dropped 20 percent year over year to Rs.8,856 crore. Its gross income for the most recent quarter was Rs.1.7 trillion, which was 0.8 percent less than the Rs.1.72 trillion it earned during the same period last year.

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The amount of crude oil produced by ONGC alone in FY25 was 18.558 million tonnes, up 0.9 percent from FY24. In FY25, the production of natural gas on its own was 19.654 billion cubic meters (BCM), compared to 19.978 BCM in FY24.

In FY2024–2025, ONGC announced nine finds in its operated acreages, five onshore and four offshore. Seven of them are possibilities (three offshore and four onland), while two are new pool discoveries (one each onland and offshore). In FY25, roughly eight hydrocarbon discoveries were made profitable.