Progress on talks to re-start Indian oil field

Offshore staff

LONDON – Hardy Oil & Gas says negotiations continue with Indian authorities to re-start production from the shut-in PY-3 field offshore eastern India.

The field is 80 km (49.7 mi) south of Pondicherry in the Cauvery basin in water depths of 40-450 m (131-1,476 ft).

Hardy says the partners have held constructive meetings with the India upstream oil and gas regulator DGH. As a result, they have agreed to a timeline to issue a full field development plan.

This could be submitted for government review and approval by the end of 1Q 2013. Once the revised plan is approved, Hardy intends to initiate a tendering process for the production facility and drilling services.

Production could re-start during the first half of 2014. The fields existing well is capable of producing at more than 3,000 b/d, and with future planned wells, the field could deliver 8,000 b/d, said Hardy.

11/14/2012

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