India rolls out 'Samudra Manthan' $8.8bn oil and gas plan
India
India is rolling out Samudra Manthan, an $8.8 billion project to ramp up oil and gas production from the ocean's depths.
The plan? More drilling, seismic surveys, and rig deployment in KG, Mahanadi, Andaman, and Cauvery basins.
Oil Minister Hardeep Singh Puri says speeding things up is key as India looks to boost its own energy supply.
ONGC and Oil India lead ₹84,000cr
State-run giants ONGC and Oil India (OIL) are leading the charge with ₹84,000 crore in Phase 1 funding.
They're teaming up with an ONGC-led JV for drillship capacity and funds for offshore seismic data acquisition especially in erstwhile No-Go zones.
The goal: add 10 to 15 million tons of oil equivalent each year so India can rely less on imports, and level up its offshore know-how along the way.