India's Oceanic Quest: The National Deep Water Exploration Mission
Prime Minister Modi announced India's National Deep Water Exploration Mission to discover oil and gas reserves beneath the seabed. This initiative aims to reduce import dependency by increasing domestic production. Significant reforms are underway, opening new exploration areas, including promising prospects in the Andaman-Nicobar region.
- Country:
- India
Prime Minister Narendra Modi has unveiled the National Deep Water Exploration Mission, targeting untapped oil and gas reserves beneath India's seabeds. This strategic move seeks to cut down the nation's hefty import bills by boosting domestic energy production.
India heavily relies on imports for 88% of its crude oil and half of its natural gas needs. The lack of easily accessible reserves fuels this dependence. Despite prior deep-sea discoveries, such as Reliance Industries' KG-D6, the country needs significant new finds.
Modi's government is revamping exploration policies, opening extensive acres for exploration. The Oil Ministry highlights the Andaman-Nicobar region as a promising new frontier, potentially reducing import reliance and bolstering job creation.
(With inputs from agencies.)
Google News