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Hardy awaits government approval for 2015 production restart offshore India

2/12/2014 by Sharon Shahzad

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Hardy Oil and Gas is seeking approval of the final development plan (FDO) for the PY-3 field from the Indian government for planned recommencement of production in 2015

The field was shut-in on 30 July 2011

"Our primary objectives remain to secure key stakeholders' approvals and initiate activity that will take us closer to realising production from our portfolio of assets,” said Ian MacKenzie, chief executive officer of Hardy.

The Indian petroleum secretary convened a meeting with stakeholders to discuss a way forward. Hardy subsequently held two operating committee meetings and a number of other meetings with government officials to advance approvals.An updated FDP has been circulated to partners for final review and ratification prior to seeking final approval from the government.

“The company remains in a strong working capital position from which to fund its planned work activity and we look forward to updating the market further in due course."

The PY-3 field is located off the east coast of India, 80-kilometres south of Pondicherry in water depths between 40 and 450 metres.The Cauvery Basin was developed in the late Jurassic/early Cretaceous period and straddles the present-day east coast of India. The licence, which covers 81 km2, produces high quality light crude oil (49° API).

The field was developed using floating production facilities and subsea wellheads, a first for an offshore field in India.

This article has been extracted from http://www.oilandgastechnology.net, please click on this link to read the article in full http://www.oilandgastechnology.net/upstream-news/hardy-awaits-government-approval-2015-production-restart-offshore-india

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