Hardy shuts-in PY-3 oil and gas field offshore India

Source: Hardy Oil & Gas

Offshore the East Coast of India, Hardy Oil and Gas plc (LSE:HDY) shut-in the PY-3 oil and gas field on July 30, 2011. 

The PY-3 field has been temporarily shut-in pending Management Committee approval of the award of a contract for the field's floating production system (FPS). The company is working closely with all stake-holders to secure the necessary approvals and recommence production as soon as possible. 

PY-3 Field in the Cauvery Basin 

The PY-3 field is located off the East Coast of India, 80 kilometers south of Pondicherry in water depths of between 40 meters and 400 meters. The Cauvery Basin was developed in the late Jurassic/early Cretaceous period and straddles the present-day east coast of India.

The license, which covers 81 km2, produces oil of high quality light crude (49-degrees API). The field was developed using floating production facilities and subsea wellheads, a first for an offshore field in India.

The facility at PY-3 consists of the floating production unit, Tahara, and a 65,000 DWT tanker, Endeavor, which acts as a floating storage and offloading unit. There are four subsea wells tied back to Tahara. Tahara has a three-stage crude oil separation system, with the first two stages being three-phase separators and the third stage a two-phase separator. Actual liquid processing capacity on Tahara is 20,000 stbd with 17 MMscfd of gas handling capacity.

The field currently produces about 3,000 barrels of oil a day, with associated gas in the range of 3.5 MMscfd. This produced gas is used as fuel gas with excess gas being flared. The stabilised crude oil is pumped from Tahara to Endeavor for storage and offloading to shuttle tankers. Crude oil from the PY-3 field is sold to CPCL at its refinery in Nagapattinam, approximately 70 kilometers south of the PY-3 field.
The PY-3 offshore oil field was discovered on license CY-0S 90/1 by ONGC in 1988 and, as a result of the development program instituted by Hardy, was brought into production in November 1997.

Hardy is the operator of the PY-3 field with 18 percent interest. The PSC is also held with ONGC (40 percent), TATA (21 percent) and HOEC (21 percent).

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