Page 149 - CW E-Magazine (3-6-2025)

Hydrocarbons

PROJECT REVIVED

ONGC-led joint venture resumes production

at Cauvery Basin fi eld shut since 2011

ONGC’s jv with Hardy Explora- Phase II of the
tion & Production (India) Inc., and FDP will involve the
Invenire Petrodyne has commenced drilling of additional
production from the PY-3 fi eld, located wells and the applica-
offshore in the Cauvery Basin on the tion of enhanced oil
east coast. recovery (EOR) tech-
niques to boost out-
Originally brought onstream in put from this prolifi c
1997, the PY-3 fi eld had been shut field, which yields
since July 2011. Since then, a multi- light, sweet crude oil.
phase revised Field Development Hardy Exploration &
Plan (FDP) has been implemented to to the Floating Production, Storage, Production (India), a company of the
revive production. Phase I of the re- and Offl oading (FPSO) vessel Svetah Invenire Energy Group, is the opera-
vised FDP has now been completed. Venetia. The FPSO is being used to tor of the block with an effective
This included integrity assessment, process and separate oil, gas, and 22.79% participating interest. ONGC
conditioning, and activation of the water. The produced oil is stored on holds a 50.63% effective participating
subsea well PD3SA; installation of the FPSO and offl oaded to shuttle interest, and Invenire Petrodyne Ltd.
subsea infrastructure; and hook-up tankers for transport to refi neries. holds the remaining 26.58%.

TRADE TRENDS
India’s crude oil import dependence rises to record 90%

India’s crude oil import dependency Stumbling blocks
rose to an all-time high of 90 percent According to the recent India
during April 2025 as it procured more Energy Scenario report – brought out by
cargoes to meet the demand of an the Bureau of Energy Effi ciency (BEE)
expanding industrial and commercial under the Power Ministry – crude oil
base. production declined by 3 percent per
annum in the last seven years, ending
The rising dependence is also re- FY24.
fl ected on the continuously declining
production in the nomination blocks It attributed the decline to several
operated by state-run majors – ONGC on POL (Petroleum, Oil & Lubricants) factors, including natural depletion of
and OIL – which accounts for more basis rose to its highest on record at 90 older and marginal fi elds, accessibility
than 75 percent of India’s overall percent in April 2025, compared with and technical challenges in certain
output. Production by the private/jv 88.5 percent and 88.6 percent during reservoirs, disruptions in fi eld activities,
companies in the Production Sharing the same month in 2024 and 2023 etc.
Contracts (PSC) or Revenue Sharing calendar years, respectively.
Contracts (RSC) regime has also been India’s estimated balanced re-
languishing. In FY25, the country’s crude oil coverable crude oil reserves in the
import dependence rose to 88.2 percent country were 671.4-mt as of April 1,
According to oil ministry’s Petroleum compared with 87.4 percent and 85.5 2024 refl ecting a 0.3 percent increase
Planning & Analysis Cell (PPAC), percent during FY24 and FY23, respec- from the previous year’s reserves at
India’s import dependency of crude oil, tively, data from PPAC showed. 669.47-mt.

Chemical Weekly June 3, 2025 149

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