Hardy bid to restart PY-3 field

 20 August 2009 23:01 GMT

LONDON-listed Hardy Oil&Gas hopes to resume oil production from its PY-3 field off south-east India next month, writes Iain Esau .

Output from the field, which is exploited via Aban Offshore's Tahara floating production unit and Prosafe's Endeavor storage vessel, was shut in on ?5 July due to unscheduled repair and maintenance work on an offshore mooring facility.

“Adverse marine conditions have frustrated efforts of the contractor to assess and carry out necessary repairs to begin production,”said the company.

On a more positive note, chief financial officer Dinesh Dattani said Hardy has managed to negotiate an extension to the Tahara at a dayrate reduced by 40%.

The deal has yet to be approved by PY-3's…

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