India has approved an $8.8 billion plan to support offshore oil and gas exploration as the country seeks to reduce its heavy dependence on imported energy.
The cabinet, chaired by Prime Minister Narendra Modi, approved the ambitious program to explore offshore areas under Indian jurisdiction for new oil and gas reserves.
Information and Broadcasting Minister Ashwini Vaishnaw said successful exploration could significantly increase domestic production. India currently meets only about 10% of its crude oil demand through domestic production.
The move follows disruptions to global energy supplies linked to tensions around the Strait of Hormuz. India has responded by expanding its crude supply sources from 27 to 41 countries, while increasing purchases from Russia and African producers.
