India approves US$8.81 billion offshore oil and gas exploration plan
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NEW DELHI: India said on Friday (Jul 31) it will provide US$8.8 billion in financial support for offshore oil and gas exploration as part of its efforts to reduce its heavy reliance on energy imports.
India, the world's third-largest importer of oil and the second-largest buyer of liquefied petroleum gas (LPG), has faced major disruptions due to restrictions on the Strait of Hormuz driven by conflict between the United States and Iran.
To cushion the impact, New Delhi has expanded its pool of crude suppliers from 27 to 41 countries, including Venezuela, while increasing purchases from Russia and several African nations.
The cabinet, chaired by Prime Minister Narendra Modi, approved what officials described as a "very ambitious" push to explore vast offshore areas on Friday under India's jurisdiction for untapped oil and gas reserves.
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"If exploration is carried out properly, India can achieve substantial production," Information and Broadcasting Minister Ashwini Vaishnaw told reporters in New Delhi.
Modi first announced the offshore exploration mission during a speech marking the country's Independence Day in August last year.
India's Petroleum and Natural Gas Minister Hardeep Singh Puri told AFP last month that the recent energy crunch had provided fresh impetus to India to expand its domestic supplies.
India currently meets only around 10 per cent of its crude oil requirements through domestic production.
The cabinet also approved a separate plan to expand renewable energy generation, targeting 102 gigawatts of solar power capacity over the next five years through photovoltaic installations on reservoirs, canals and industrial water bodies.
India's installed solar capacity currently stands at about 162 gigawatts, among the highest in the world.
"This programme aims to prevent 10 million tonnes of CO2 emissions," Vaishnaw said.
Energy demand in India, home to more than 1.4 billion people, is expected to continue rising rapidly even as the government pursues its goal of achieving carbon neutrality by 2070.
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