India Commits $8.81 Billion to Offshore Oil Exploration Amid Global Price Volatility
India's cabinet has approved an $8.81 billion plan to intensify offshore oil exploration, aiming to reduce the country's reliance on imports. The 'Samudra Manthan' program will cover India's entire maritime zone, which currently meets only 10% of the country's crude oil needs.
According to Minister Ashwini Vaishnaw, if exploration is carried out properly, India can achieve substantial production and reduce its reliance on imports. The plan comes as a response to disruptions in the Strait of Hormuz, where navigation restrictions have affected India's oil imports.
The Indian government has also expanded its crude oil supplier base from 27 to 41 countries, including volumes from Iran, Venezuela, and Russia. This diversification aims to limit the country's exposure to sensitive maritime chokepoints such as the Strait of Hormuz.