India launches Samudra Manthan opening 250,000 square kilometers for bidding
India is rolling out the Samudra Manthan initiative to tackle its energy crunch and rely less on imported oil.
The plan? Open up massive, unexplored areas (about 250,000 square kilometers) for bidding, inviting private players to join in.
Right now, India produces just 10% of the crude it uses, so this move is all about securing a steadier supply as global conflicts and rising demand put pressure on energy resources.
India invests $10B in offshore exploration
The government is putting $10 billion into oil and gas exploration, focusing especially on offshore spots like the Andaman Basin where early drilling shows promise.
To speed things up and boost expertise, India is teaming up with international giants like Petrobras, TotalEnergies, and ExxonMobil.
Alongside this oil push, the country's also investing more in renewables and ethanol blending, keeping an eye on its goal of carbon neutrality by 2070 as energy needs keep climbing.