Hardy Revives Field Offshore India
Hardy Exploration and Production has revived the declining PY-3 oil field. The PY-3 field is located offshore southern India in the Cauvery basin of the Bay of Bengal. GESCO's drill barge, Badrinath, drilled India's deepest horizontal well of 3,937 feet to revive the PY-3 field and step up its output from 3,600 bpd to 5,600 bpd. This lateral well flowing a light crude of 49 API and another one that is scheduled to be drilled this week should extend the life of the PY-3 field by several years.
Hardy will spend approximately $16 million to drill two new lateral wells and use water injection technology to extend the life of the declining field and produce 4,000 bpd within the next five years. The revived PY-3 field is expected to yield at least an additional 1.5 million tonnes over its extended life.
Hardy is the operator and holds an 18 percent interest; ONGC holds a 40 percent interest and Tata Petrodyne holds a 21 percent interest and Hindustan Oil Exploration holds the remaing 21 percent in PY-3.