Government Push Aims to Attract Investment and Strengthen Energy Security
India is reportedly preparing an ₹80,000 crore support package to accelerate deepwater oil and gas exploration and attract greater investment into the country’s offshore energy sector.
The proposed package could provide financial support and incentives for companies undertaking high-risk exploration activities, particularly in deepwater and ultra-deepwater blocks. The initiative is aimed at encouraging global energy companies to participate in India’s exploration sector, where high drilling costs and geological risks have traditionally limited investment.
The move comes as India seeks to increase domestic oil and gas production, strengthen energy security and reduce its dependence on imports. Expanding exploration in offshore regions could help unlock new reserves and diversify the country’s energy supply.
If implemented, the package could mark a major push for India’s upstream oil and gas industry while creating new opportunities for international energy companies and domestic exploration firms.