INDIA has approved an investment programme of up to 840.84 billion rupees ($8.8 billion) to accelerate offshore oil and gas exploration over the next five years, as the country seeks to strengthen domestic energy supplies and reduce its reliance on imports.
The National Offs h o r e E x p l o r a t i o n Scheme will run through the end of the 2030-31 financial year and is expected to accelerate the addition of more than 600 million tonnes of discoverable oil equivalent to India’s reserves. The programme will finance seismic surveys, data processing and interpretation, and exploration drilling in deepwater and ultra-deepwater areas.
It will also support scientific drilling in frontier basins, shared offshore production and evacuation infrastructure, and the establishment of an integrated oil and gas manufacturing and services zone. The government said the initiative is designed to attract investment across the exploration and production supply chain, create long-term business opportunities and strengthen India’s domestic technical capabilities. India has opened most of its offshore acreage to exploration over the past decade while reforming its legal and contractual framework and expanding the National Data Repository for exploration data.
ANI
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