Topic
deep-sea
Energy & Petrochemicals #india#deep-sea
India approves Rs 84,084 crore Samudra Manthan scheme to cut crude import reliance
India's Union Cabinet has approved the Rs 84,084 crore Samudra Manthan National Offshore Exploration Scheme, under which the Centre will fund 50% of deepwater or ultra-deepwater exploration well costs, up to Rs 650 crore per well. The programme targets 60 exploration wells over five years as crude oil imports have climbed from 77% to 88% of domestic requirement in the past decade.
Aug 2, 2026 1 source
Commodities Energy & Petrochemicals #india#oil
India to fund ₹650 crore per well for 60 deep-sea wells to break its oil import habit
India's Union Cabinet approved the ₹84,084-crore Samudra Manthan National Offshore Exploration Scheme, funding half the cost of deep-sea exploration wells up to ₹650 crore each for 60 wells over five years. The scheme aims to add 10-15 million tonne of oil equivalent annually, reducing import dependence by 3-5 per cent.
Aug 2, 2026 1 source