New Delhi, May 25 : A joint venture of the Oil and Natural Gas Corporation Limited (ONGC) has successfully commenced production from the PY-3 Field, located offshore in the Cauvery Basin on the east coast of India.

Originally brought on-stream in 1997, the PY-3 Field had been shut since July 2011. Since then, a multi-phase revised Field Development Plan has been implemented to revive production by the ONGC and its joint venture partners Hardy Exploration & Production (India) and Invenire Petrodyne Limited, according to an ONGC statement released on Sunday.

Phase I of the revised field development plan 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. The FPSO is being used to process and separate oil, gas, and water. The produced oil is stored on the FPSO and offloaded to shuttle tankers for transport to refineries, the statement said.

Phase II of the FDP will involve the drilling of additional wells and the application of enhanced oil recovery techniques to boost output from this prolific field, which yields light, sweet crude oil.

Hardy Exploration & Production (India) Inc, a company of the Invenire Energy Group, is the operator of the block with an effective 22.79 per cent participating interest. The ONGC holds a 50.63 per cent effective participating interest, and Invenire Petrodyne Ltd. holds the remaining 26.58 per cent.

In a joint statement, Manish Maheshwari, Chairman, Invenire Energy, and Arunangshu Sarkar, Director (Strategy & Corporate Affairs), ONGC, said the support, guidance, and unwavering encouragement of the Ministry of Petroleum and Natural Gas and the Directorate General of Hydrocarbons (DGH) were instrumental in achieving this milestone.

This marks a significant step in Invenire's operational journey and reaffirms the JV's commitment to contributing to India's energy security, Maheshwari added.

/IANS