India to Invest Over $20 Billion in Offshore Data Acquisition for Energy Self-Sufficiency
India plans to invest over $20 billion in offshore data acquisition: Puri
Business Standard
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India plans to invest over $20 billion in offshore data acquisition to enhance domestic oil and gas production through the Samudra Manthan programme, according to Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas. The initiative aims to reduce reliance on energy imports and discover new reservoirs amid declining domestic production.
- 01India's investment in offshore data acquisition exceeds $20 billion.
- 02The initiative is part of the Samudra Manthan programme aimed at boosting domestic oil and gas production.
- 03India's import dependence for crude oil is currently at 89% and 51% for natural gas.
- 04The government is updating regulations to attract major investors in the energy sector.
- 05State-run companies have invested over $0.5 billion in seismic data acquisition over the past eight years.
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India is set to invest over $20 billion in offshore data acquisition to enhance domestic oil and gas production under the Samudra Manthan programme, as announced by Hardeep Singh Puri, the Union Minister of Petroleum and Natural Gas. This investment aims to address India's increasing dependence on energy imports, which currently stands at 89% for crude oil and 51% for natural gas. The government is focusing on seismic data acquisition to identify major discoveries in unexplored deepwater and ultra-deepwater oil and gas blocks. Puri highlighted that state-run upstream companies have already invested over $0.5 billion in seismic data acquisition over the last eight years, drilling approximately 6,500 wells. With domestic production declining, the government is updating regulations to make the sector more attractive to investors, including amendments to the Oilfields (Regulation and Development) Act and the release of previously restricted areas for exploration.
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This investment is expected to enhance India's energy self-sufficiency, potentially leading to lower energy costs and increased job opportunities in the energy sector.
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