The Economic Times

Drill, Baby, Drill: India to fund Rs 650 cr per well for 60 deepsea wells to break its oil import habit

India's government will fund offshore oil and gas exploration directly from its national budget. The Samudra Manthan scheme allocates significant funds for deepwater drilling and infrastructure development. This initiative aims to reduce the country's growing dependence on imported crude oil and natural gas. The program supports private companies in undertaking risky exploration activities previously avoided. Shared infrastructure will accelerate the commercialization of any hydrocarbon discoveries made.