India Seeks to Boost Domestic Oil Exploration Amid Global Supply Threats

India's energy security is under threat due to global supply chain disruptions and geopolitical instability. To mitigate this, India needs to boost its domestic oil and gas exploration efforts.

According to Abhijit Majumder, Director of Finance at Oil India Limited (OIL), 'Disruptions to global supply chains and major energy corridors can have an immediate impact on energy flows, prices and economies worldwide.'

The Strait of Hormuz crisis is a prime example of how geopolitical instability in one region can affect energy security globally.

In response to this threat, the Indian government has launched the National Offshore Exploration Scheme, which offers up to 50% financial support for drilling deepwater exploration wells. The scheme aims to reduce exploration risk and encourage investment in India's offshore hydrocarbon potential.