State-run Oil and Natural Gas Corporation (ONGC) is set to give a fresh lease of life to the controversial PY-3 oil field in the Bay of Bengal by taking over its operatorship from UK-based Hardy Oil & Gas. The field was shut down July 2011, after a drop in production due to various technical reasons.
According to multiple sources, the central government has given clearance for ONGC to take over the operations and the latter has issued a notice to the other partners that it would do so in six months. The other companies include Hindustan Oil Exploration Company (HOEC) and Tata ...
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