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India announces Rs 80,000 crore package to boost deepwater oil exploration

Published July 28, 2026 at 10:33 AM UTC

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The Indian government has announced a Rs 80,000 crore ($9.6 billion) package to accelerate deepwater oil and gas exploration, aiming to reduce the country's reliance on imported crude. The policy includes fiscal incentives, tax breaks, and relaxed regulatory norms for exploration and production companies willing to undertake high-risk deepwater projects. India currently imports over 85% of its oil needs, making it vulnerable to global price fluctuations and supply disruptions. Deepwater exploration—drilling in waters deeper than 400 meters—is capital-intensive and technically challenging, but holds significant potential in India's sedimentary basins, especially off the eastern and western coasts. The package is expected to attract both state-owned and private companies, including global energy majors, to participate in upcoming licensing rounds. The government hopes that successful exploration could boost domestic output, which has been stagnant for years, and potentially lower fuel costs for consumers. Industry experts note that the timeline for actual production could span several years, given the complexities of deepwater development. The move also aligns with the government's broader push to achieve energy self-sufficiency by 2047.