Asian Energy Services to Operate and Maintain Svetah Venetia FPSO

March 27, 2023

World Energy Reports LLC.

India-based Asian Energy Services has recently secured a Letter of Award for the operations and maintenance works (O&M) of the Svetah Venetia FPSO unit. The UAE-based Svetah Energy Infrastructure awarded the contract.

The FPSO will be deployed for oil and gas production in the offshore area of contract area CY-OS-90/1 (PY3 Field), located near Puducherry, on the east coast of India.

Asian Energy Services, formerly Asian Oilfield Services, said that the Estimated value of the LOA was around $20 Million.

The primary term is proposed to be five years starting from the date of readiness of Svetha Venetia to receive hydrocarbons from PY_3 Field.

According to available information, the Svetah Venetia FPSO was previously known as Petrojarl Varg, previously owned by Altera Infrastructure.

Per info found on Altera's website, the FPSO was built in 1998 and has a production capacity of 57 000 barrels of oil per day.

According to World Energy Reports, Invenire Energy in February signed a 5 + 5-year lease with Svetah Energy to supply an FPSO to redevelop the PY-3 field offshore India. The Petrojarl Varg FPSO, which had been owned by Altera and used between 1998 and 2016 in the North Sea, was purchased by Svetah Energy to be redeployed on PY-3. 

"The unit has been renamed Svetah Venetia. It will replace a production semi/FSO that produced on field between 1997 and 2011. 

"Hardy (now owned by Invenire Energy) had produced on the PY-3 field until being shut-in in July 2011 due to expiry of the production facilities marine classification and refusal by the government to allow an extension of the contract. It is located off the east coast of India, 80 km south of Pondicherry, in water depth between 40 to 450 m," World Energy Reports said in its February 2023 edition.

Per WER, in July 2019 Hardy sold its interest in India offshore blocks to Invenire Energy, which now is operator of PY-3 and has 39% interest. ONGC has 40% interest and Hindustan Oil 21%.

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