India is moving to boost domestic oil and gas output through a new deepwater exploration support plan called Samudra Manthan. The scheme is aimed at reducing the country's dependence on imported energy by encouraging more drilling in difficult offshore areas.
Under the initiative, the Centre will fund half the cost of deepwater oil and gas exploration wells. Government backing is expected to lower the financial risk for companies, especially in segments where exploration is expensive and uncertain.
The plan will support 60 exploration wells over the next five years. By sharing costs, the government is trying to make deep-sea projects more viable and push companies to invest in areas that may otherwise see limited interest.
The broader goal is to strengthen India's energy security by increasing the chances of new domestic discoveries. If the scheme leads to more successful finds, it could help the country rely less on overseas crude and gas supplies over time.
