The Economic Times

India opens special deepwater oil, gas bidding round, offers to fund up to 50% of well costs

India is launching a special licensing round for deepwater and ultra-deepwater oil and gas blocks under its 84,084 crore Samudra Manthan offshore exploration scheme. The government will offer monthly bidding windows and fund up to 50% of eligible exploratory drilling costs, aiming to attract investors, accelerate offshore exploration, unlock hydrocarbon reserves and reduce India's dependence on imported oil and gas.