The Government of India has announced a proposed ₹80,000-crore incentive package to accelerate deepwater and ultra-deepwater oil and gas exploration under the 'Samudra Manthan' mission . The initiative aims to strengthen the country's energy security by encouraging greater investment in offshore hydrocarbon exploration.
As part of the package, the government plans to cover up to 50% of the drilling costs for exploratory wells, significantly reducing the financial risks associated with deepwater projects. The move is expected to attract global energy companies and advanced offshore technologies to India's exploration sector.
The incentive comes as India auctions 18 deepwater and ultra-deepwater exploration blocks, with the objective of increasing domestic crude oil and natural gas production while reducing dependence on imports.
By promoting offshore exploration and encouraging private and international participation, the government hopes to unlock untapped hydrocarbon reserves, strengthen long-term energy resilience and support India's growing energy demand.