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Hardy Oil extends offshore charters to 2014

INDIAN hydrocarbon producer Hardy Oil plans to extend the charter of a storage and offloading tanker and a production semi-submersible for five years on its PY-3 field south of Chennai. Hardy intends to invest in the PY-3 field, which it has operated since 1999, to continue producing oil until 2014. Chief operating officer Yogeshwar Sharma told Lloyd’s List that Hardy will extend the charter for Tahara and the floating storage and offloading vessel FSO Endeavor initially for one year, but likely for five years.
Tahara is owned by Indian group Aban Offshore and FSO Endeavor by Oslo-listed Prosafe Production. Hardy wants to upgrade Tahara by adding new topside systems to increase production from the field beyond current levels of 3,500 barrels per day. “We will have a new contract with a new price structure. We want to install gas compression facilities on the existing floating production unit and are in discussions with suppliers,” Mr Sharma said. Hardy also plans to drill two more wells into the PY-3 field.

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