India's ambitious Hydrocarbon Exploration and Licensing Policy (HELP), introduced in 2016, aimed to unlock the country's oil and gas potential. However, after awarding 172 exploration blocks across 19 sedimentary basins, the results have been disappointing. With cumulative investments exceeding $4.36 billion, only 14 discoveries have been made, and just one field in Gujarat has entered production, contributing minimally to national output. Experts attribute this underperformance to the geological challenges of deepwater exploration, where most awarded blocks are located. The Directorate General of Hydrocarbons (DGH) acknowledges the limited success, stating that 70% of India's estimated 22 billion barrels of undiscovered resources remain unexplored. Despite ongoing efforts, including the recent launch of OALP Round XI, which offers 21 new blocks, the participation of global oil firms has dwindled due to the revenue-sharing model that increases risks for investors. The lack of foreign investment and the dominance of state-run firms like ONGC, which accounts for 71% of oil and 84% of gas production, further complicate the landscape. As India continues to grapple with its energy independence, the efficacy of its oil and gas policies remains in question.