India to Fund 50% of Deep-Sea Oil Exploration Costs Under New 5-Year Scheme
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·1 viewsThe Indian government has launched a new initiative to co-fund deepwater oil and gas exploration, covering half the drilling costs for participating companies. The scheme, aimed at boosting domestic energy production, will support 60 exploration wells over the next five years. It is designed to encourage energy firms to venture into offshore areas that were previously considered too risky or costly to explore. Shared infrastructure under the programme is expected to further reduce development expenses when new reserves are discovered. The overarching goal is to decrease India's dependence on imported crude oil and gas.
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