Archive · 31 Jul 2026
India Approves $8.8 Billion Offshore Oil Exploration Plan
India said it will spend $8.8 billion to look for oil and gas in its own waters.
The plan adds new countries to its list of oil suppliers, including Venezuela, and buys more from Russia and Africa.
The government, led by Prime Minister Narendra Modi, wants to find more oil inside India’s borders.
Right now India makes only about 10% of the oil it needs.
The plan also aims to add 102 gigawatts of solar power in five years to cut carbon emissions.
India will provide $8.8 billion in financial support for offshore oil and gas exploration.
The plan expands India’s crude supplier list from 27 to 41 countries, adding Venezuela and increasing purchases from Russia and Africa.
The cabinet, chaired by Prime Minister Narendra Modi, approved the “very ambitious” push to explore offshore areas under Indian jurisdiction.
India currently produces only about 10 % of its crude oil needs domestically.
A separate renewable energy plan aims to add 102 GW of solar capacity over five years, targeting 10 million tonnes of CO₂ reduction.
- Who
- Indian Union Government, Prime Minister Narendra Modi, Ashwini Vaishnaw, Hardeep Singh Puri
- What
- Approval of an $8.8 billion offshore oil and gas exploration plan and a renewable energy expansion plan
- When
- Friday, 2024
- Where
- India
- Why
- To reduce dependence on energy imports and cushion the impact of disruptions in the Strait of Hormuz
- Financial Support
- $8.8 billion
- Domestic Production Share
- 10%
- Renewable Energy Target
- 102 GW solar
- Current Solar Capacity
- 162 GW
- Number of Crude Suppliers
- 41 countries