HOEC, Eni Fire Up Production at PY-1 Offshore India
HOEC (Hindustan Oil Exploration Company), the Indian company controlled by Eni through a 47.16% share, has started production from the PY-1 gas field, located offshore India's southern Tamilnadu province.
HOEC, which has a 100% participating interest, is the operator of the field and its onshore plants, located round 60km from the field and 300 km from Chennay. PY1 gas production will be sold to GAIL, an Indian company which focuses on gas transport and sales and which supplies the local power generation market. The development of the PY-1 gas field will contribute to the industrial and economical growth of the region.
Gas production is estimated to reach 1.4 million cubic meters per day, equal to 8,700 barrels of oil equivalent per day.
With the start of production at the PY-1 field, Eni further strengthens its presence in India, where it has been operating since 2005. Eni is an operator with 34% of the RJ-ONN-2003/1 block (Rajasthan) and 40% in the AN-DWN-2003/2 block (Andaman). Eni also holds 34% of the MN-DWN-2002/1 block (Manadi), operated by ONGC, in the Gulf of Bengala. HOEC also holds further licence interests for both exploration and development.
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