APPEC: Invenire boosts India upstream presence, ventures into LNG infrastructure

Invenire is actively advancing its upstream portfolio across prolific basins while pushing ahead with its vision to expand its presence around LNG infrastructure, aligning with New Delhi's twin goals of achieving energy security and contributing to the development of a gas-based economy, Manish Maheshwari, chairman of Invenire Energy, told Platts Sept. 10.

He added that India's hydrocarbons policy framework has undergone a fundamental shift amid recent policy changes, making it relatively easier for private players to monetize domestic resources faster while playing a bigger role in owning and operating energy infrastructure.

"Opportunities are growing across open acreage licensing, discovered fields, coal bed methane, and city gas distribution rounds -- offering attractive entry points for integrated energy investors. The enactment of the Oilfields (Regulation and Development) Amendment Act, 2025, marks a key development, enabling faster monetization of domestic resources while ensuring safety and environmental stewardship," he said during APPEC 2025 in Singapore, hosted by S&P Global Energy.

Earlier this year, a joint venture between ONGC and Invenire group companies -- Hardy Exploration & Production (India) Inc. and Invenire Petrodyne Ltd. -- initiated production from the PY-3 field, which was originally brought onstream in 1997, but has been shut since July 2011. The field is producing oil at the rate of 4,000 b/d and gas at 88,000 standard cu m/day.

Since its inception in July 1997 until it was shut down in July 2011, the field produced about 25 million barrels of oil. Initial oil production is anticipated to be relatively low, according to analysts at Energy.

"India's hydrocarbon endowment underscores the opportunity -- of the 26 sedimentary basins spread across 3.36 million sq. km, only 0.5 million sq. km has been explored, yielding 3.6 billion barrels of oil and 1 TCM of gas. The yet-to-be-established prize is estimated at more than 200 billion barrels of oil equivalent. Invenire is actively advancing its portfolio across prolific basins such as Mumbai High, Cambay, Cauvery, Assam Arakan, and Satpura," Maheshwari added.

Invenire Petrodyne, formerly Tata Petrodyne Ltd., has seven upstream oil and gas assets either in production or under development in India and Indonesia. Hardy Exploration & Production first brought the PY-3 field into production in 1997 using floating production facilities and subsea wellhead completions.

LNG infrastructure

Highlighting the company's inroads in the LNG sector, Maheshwari added that the Syama Prasad Mookerjee Port (SMP) in eastern India had recently awarded a 30-year concession to a consortium led by Invenire Petrodyne Limited, in partnership with Excelerate Global Operations LLC, to establish and operate a mid-scale modular floating LNG terminal at Haldia.

The facility will commence operations with an initial regasification capacity of 1.5 million mt/year, expandable to 3 million mt/year, which would be undertaken in line with market growth. With an estimated investment of around $300 million in the first phase, the terminal would be targeted for commissioning in the second half of 2027.

"The Haldia FLNG terminal will serve the growing natural gas needs of eastern India's industrial heartland in Kolkata -- where steelmakers, fertilizer producers, power plants, and city gas distributors are accelerating their transition to cleaner fuels. Its modular design ensures scalability and adaptability, positioning the project as a pivotal contributor to India's energy transition and decarbonization journey," Maheshwari said.

He added that India's gas landscape was undergoing a paradigm shift, in which LNG imports would play a central role, complementing increases in domestic production. Rapid development of the national gas grid, with new trunk pipelines and spur lines extending into eastern and northeastern states, will enable broader access to imported LNG.

"Energy-intensive industries are pivoting to LNG as a cleaner, more reliable, and cost-efficient alternative to liquid fuels. Industry projections suggest India's LNG import capacity will grow substantially by the end of this decade, with both large-scale onshore facilities and modular floating terminals like Haldia playing a vital role in supply diversification," he added.

India's LNG imports climbed 21% year over year to 27.3 million mt/year in 2024, supported by softer prices, increased gas in power demand, and less domestic gas allocation to city gas companies. By 2030, India's gas use is forecast to cross 100 Bcm, with the LNG share rising to 65%, from the current level of 50%, amid falling domestic supply, analysts at Energy said in a recent report.