Drill, Baby, Drill: Why India is paying up to Rs 650 crore per deepsea well to cut oil imports

Officials acknowledged that deepwater exploration is a long-term investment and that not every well will result in commercially viable discoveries

The Union Cabinet last week approved the Rs 84,084-crore Samudra Manthan National Offshore Exploration Scheme, under which the government will fund half of the the cost of drilling a deepsea and ultra-deep water exploration well or Rs 650 crore, whichever is lower, directly from the budget, officials said.

Samudra Manthan Scheme approved for offshore exploration.

Govt to fund deepwater oil/gas exploration costs.

Aims to boost energy security, reduce import reliance.

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