The government announced a national deepwater exploration mission to discover oil and gas reserves beneath the seabed. The initiative aims to increase domestic production and cut India’s multi-billion-dollar import bill. India currently imports up to 88% of its crude oil requirements —refined into petrol, diesel, and other fuels—and around 50% of its natural gas demand, used for power generation, fertiliser production, and CNG in automobiles.
Addressing Limited Domestic Reserves
One key reason for this high dependence is the lack of easily accessible reserves within India. Large discoveries such as Reliance Industries’ KG-D6 block and ONGC’s KG-DWN-98/2 block took place before 2014 in deep-sea zones. Since then, major finds have been scarce, underscoring the need for renewed exploration efforts.
Policy Reforms to Unlock New Frontiers
To tackle this challenge, the government has revamped exploration policies. Key measures include:
*Open Acreage Licensing Policy (OALP): allowing companies greater flexibility to choose exploration areas.
*Expanded Exploration Zones: nearly 1 million sq km of previously restricted ‘No-Go’ areas have been opened up for bidding.
*Focus on New Basins: the Andaman-Nicobar basin and deepwater zones off the Andhra coast have emerged as new frontiers with promising prospects.
Towards Energy Self-Reliance
The national deepwater exploration mission is a step toward India’s goal of energy self-reliance, balancing its growing demand with domestic capacity. As reported by newindianexpress.com, by tapping untapped reserves in deepwater regions, the government seeks to reduce vulnerability to global supply shocks while supporting long-term energy security.
