Hardy Wins Contract for Indian Offshore Development
Hardy Oil and Gas recently announced that its subsidiary, Hardy Exploration & Production Inc., has entered into an agreement with a subsidiary of Sinvest ASA (the Deep Drilling Invest Group) for the drilling of two wells on the CY-OS2 block, OilVoice reports. The contract term is for a period of two wells, with an estimated duration of around 130 days. The contract is targeted to commence in the second quarter of 2006, drilling to depths of 3,500 m. subsea at a cost of approximately $24 million. The drilling will be performed by Premium Drilling with the unit Deep Drilling I, a new Baker Marine 375 'Pacific Class' jackup designed to work in up to 375 ft. water depths that is currently under construction at PPL Shipyard in Singapore.
Offshore India Heats Up
U.S.-based Hardy Exploration and Production (India) Inc. has revived a declining oil field off India's southern coast and increased its output by over 2,000 bpd. Hardy Exploration's chief executive, Sastry Karra, said his company drilled India's deepest horizontal well of about 1,200 m to revive the PY-3 field and step up its output to 5,600 bpd from 3,600 bpd. "This lateral well flowing a light crude of 49 API and another one we are starting to drill today should extend the life of the PY-3 field by several years at least," Karra said. In April, Karra told Reuters the firm was likely to spend about $16 million for drilling two new lateral wells and using water injection technology to extend the life of the declining field -- then producing 4,000 bpd -- by another five years.
