India pledges $10B for oil exploration

India is intensifying its efforts to expand oil and gas exploration activities, following its most serious energy supply shock in years caused by unrest in the Middle East through the Strait of Hormuz. The government announced its intention to open approximately 250,000 square kilometers of unexplored areas for exploration, aiming to boost domestic production and reduce reliance on imports. Currently, India’s production covers only about 10% of its oil needs, leading it to increase purchases of crude oil from countries like Russia, Iran, and Venezuela. India is the third-largest oil importer in the world and has long-term plans to exploit its resources in deep waters, such as the Andaman Archipelago, while allocating around $10 billion for investments in exploration activities.

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