Government greenlights Rs 84,000-crore scheme to boost offshore oil & gas exploration, production

5 min readJul 31, 2026 07:56 PM IST he scheme will provide support of up to Rs 650 crore for every well drilled in deep-sea and ultra-deep-sea areas. (Image: PIB)The Union Cabinet on Friday gave its nod to a Rs 84,084-crore scheme aimed at boosting oil and gas exploration and production from the country’s offshore basi

NEW DELHI: India said on Friday (Jul 31) it will provide US$8.8 billion in financial support for offshore oil and gas exploration as part of its efforts to reduce its heavy reliance on energy imports.India, the world's third-largest importer of oil and the second-largest buyer of liquefied petroleum gas (LPG), has face

The scheme is also expected to stimulate significant investments across the exploration and production value chain, creating long-term opportunities for industry, innovation and economic growth, the communique said.