India has approved a US$8.8 billion financial support package dedicated to offshore oil and gas exploration, marking a decisive escalation in the nation's strategy to reduce its heavy dependence on energy imports.
The Union Cabinet authorized the Samudra Manthan National Offshore Exploration Scheme, which will directly fund high-risk drilling projects from the national budget.
Each well is allocated approximately ₹650 crore (US$78 million) in state funding.
Under the new program, the government will cover half the cost of drilling for 60 deep-sea and ultra-deep water exploration wells.
Each well is allocated approximately ₹650 crore (US$78 million) in state funding.
This represents one of the world's first large-scale initiatives to subsidize high-risk offshore exploration directly through public finance, aiming to unlock the country's largely untapped deep-water reserves.
The move is designed to address India's structural vulnerability to global oil price volatility and supply disruptions.