India approves $8.81 bn offshore oil and gas exploration plan
AFP | New Delhi
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India said yesterday it will provide $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 faced major disruptions due to restrictions on the Strait of Hormuz driven by conflict between the United States and Iran.
To cushion the impact, New Delhi has expanded its pool of crude suppliers from 27 to 41 countries, including Venezuela, while increasing purchases from Russia and several African nations.
The cabinet, chaired by Prime Minister Narendra Modi, approved what officials described as a "very ambitious" push to explore vast offshore areas on Friday under India’s jurisdiction for untapped oil and gas reserves.
"If exploration is carried out properly, India can achieve substantial production," Information and Broadcasting Minister Ashwini Vaishnaw told reporters in New Delhi.
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