India's Strategic Offshore Drilling Initiative: Unveiling the Deepsea Potential

India is gearing up for an ambitious Rs 3,200 crore offshore drilling campaign led by state-run oil explorers, ONGC and Oil India Ltd, with plans to unlock new hydrocarbon reserves and reduce the nation's reliance on oil imports.

The initiative, set to commence early next year, will see four wells drilled across the deepsea areas of Andaman, Mahanadi, Saurashtra, and Bengal sedimentary basins. Global energy giant BP will lend its technical expertise to identify optimal drilling locations.

This endeavour reflects India's strategic move to bolster its energy security by refining gas pricing formulas and opening up over 1 million square kilometers of its Exclusive Economic Zone for exploration, while also incorporating regulatory reforms to attract more international interest in its hydrocarbon sector.