$8.8B Bet on Deep-Sea Oil Exploration

India is investing $8.8 billion in deep-sea oil exploration to reduce its reliance on Middle Eastern energy imports. The government aims to encourage foreign companies to participate by offering subsidies for drilling in three previously closed marine areas.

The investment will support the exploration of oil and natural gas wells in these areas, which are expected to contain significant hydrocarbon resources. This move is part of India's broader strategy to diversify its energy sources and reduce its dependence on imports from the Middle East.