Oil India commits Rs 15,000 crore to deepwater drilling, targeting eight new wells

Oil India disclosed a Rs 15,000 crore investment for deepwater exploration spanning three years, planning to drill eight wells, though the final number will depend on seismic data interpretation, according to Rath. This initiative aligns with the Indian government's Rs 84,000 crore Samudra Manthan scheme, which promises to cover up to 50 % of deepwater drilling expenses and is financing large-scale seismic data acquisition to aid prospect identification.

The scheme aims to draw both domestic and foreign companies into offshore oil development. By committing substantial capital, Oil India seeks to boost domestic production and lessen reliance on imported crude. The move reflects heightened state support for expanding India's offshore energy resources.