India approves $8,81 billion plan to accelerate offshore oil and gas exploration

The Indian government recently approved the "Samudra Manthan" program, dedicated to offshore oil and gas exploration. With a budget of $8,81 billion, this plan aims to reduce the country's energy dependence on imports, in a context marked by the repercussions of the war in the Middle East.

As the world's third largest importer of oil and second largest buyer of liquefied petroleum gas (LPG), India has suffered significant disruptions related to navigation restrictions in the Strait of Hormuz, in the context of the conflict between the United States and Iran.

To secure its supplies, the country has diversified its crude oil suppliers, increasing their number from 27 to 41. This strategy relies in particular on imports from Iran and Venezuela, increased purchases from Russia, and the use of several African countries.

Despite this diversification, domestic production currently covers only 10% of India's crude oil needs.

An offshore exploration program planned until 2031

Approved by the Indian cabinet at a meeting chaired by Prime Minister Narendra Modi, the "Samudra Manthan" program represents an investment of $8,81 billion. The officially announced amount is 84.084 crore rupees, with implementation planned until the 2030-2031 fiscal year.

The system is designed to allow exploration of "the entire maritime area over which India holds rights and privileges." Ashwini Vaishnaw described the program to the press as "very ambitious."

The plan includes the acquisition and interpretation of seismic data, exploratory drilling in deep and ultra-deep waters, and the development of shared production and transportation infrastructure. According to the Indian government, it could help identify more than 600 million tonnes of oil equivalent in additional reserves.

"If exploration is conducted correctly, India can achieve substantial production," Ashwini Vaishnaw stated.

Narendra Modi first mentioned this project in August 2025, during a speech given on the occasion of Independence Day.

Approximately 250.000 km² of offshore areas remain unexplored

Indian Minister of Petroleum and Natural Gas, Hardeep Singh Puri, told Agence France-Presse in June 2026 that India had approximately 250.000 km² of unexplored offshore areas. He stated that the recent energy crisis had given new impetus to efforts to strengthen domestic production and supply.

The program is intended to support the exploration of Indian marine basins and accelerate drilling in areas that are still largely unexplored. However, any potential increase in production will depend on the results of exploration campaigns and the discovery of technically and economically viable reserves.

A second program dedicated to floating solar power

At the same meeting, the cabinet also approved the "Pradhan Mantri Surya Sarovar Yojana", a program dedicated to the development of floating photovoltaic solar power plants associated with energy storage systems.

With a budget of 5.070 crore rupees, this scheme aims to deploy 5 gigawatts of floating solar capacity. Projects can be approved between fiscal years 2026-2027 and 2030-2031, while financial support can be disbursed until 2032-2033.

The national potential for floating solar power is estimated at 102,18 gigawatts. Installations could be located on reservoirs, bodies of water, and industrial basins, in order to limit competition with land use.

As of June 30, 2026, India had an installed solar capacity of 162,15 gigawatts. The development of new renewable capacity must keep pace with the rapidly increasing energy demand of this country of 1,4 billion people, whose government has committed to achieving carbon neutrality by 2070.