India buys most of its oil from abroad, and that bill hurts every time global prices rise. The country still imports about 88 percent of its crude and nearly half its gas. So the government plans a package worth around Rs 80,000 crore to pull explorers into the deep sea, where large untapped reserves may sit. <\/p>\n
Deepwater drilling is costly and risky, because wells can run past 3,000 metres and a single dry hole can burn hundreds of crores. To soften that, the state has cut charges sharply. For deep and ultra deepwater blocks like the Andaman basin, there is now no royalty to pay. Cheaper terms make hard, high reward areas worth a serious try. <\/p>\n
Why this matters for you is simple. Less imported oil means a steadier fuel bill and a stronger rupee over time. The mission aims to double reserves by 2032 and cut import dependence heavily by 2047. Success is far from certain, but even a partial win eases pressure on prices and the wider economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
India buys most of its oil from abroad, and that bill hurts every time global prices rise. The country still imports about 88 percent of its crude and nearly half its gas. So the government plans a package worth around Rs 80,000 crore to pull explorers into the deep sea, where large untapped reserves may… Read More »Why Is India Offering Rs 80,000 Crore To Chase Oil Under The Deep Sea?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4889","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/posts\/4889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/comments?post=4889"}],"version-history":[{"count":1,"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/posts\/4889\/revisions"}],"predecessor-version":[{"id":4890,"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/posts\/4889\/revisions\/4890"}],"wp:attachment":[{"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/media?parent=4889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/categories?post=4889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maxiomwealth.com\/askguru\/wp-json\/wp\/v2\/tags?post=4889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}