ONGC to take over east coast PY-3 oil field from UK-based Hardy Oil & Gas

PY-3 got into controversy after UK's Hardy Oil threatened to abandon the field, saying the government was not honouring the PSC

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