Commodities
India Dives into Deep-Sea Oil Exploration with $8.8 Billion Investment
India's government has committed $8.8 billion to support deep-sea exploration of oil and natural gas wells, in an effort to reduce dependence on foreign energy.
The investment will be used to encourage deep-water drilling in three marine areas previously closed to such activity, with the aim of attracting foreign companies through subsidies for drilling.
India's government believes that this move will help shore up its hydrocarbon resource base and make the country less reliant on imports from the Middle East.