TLDR

The petroleum ministry is drawing up an Rs 80,000-crore incentive package to reimburse up to 50% of deepwater exploratory well drilling costs under the National Deepwater Exploration Mission.

Details

• The petroleum and natural gas ministry is drawing up an Rs 80,000-crore incentive package for deepwater oil and gas exploration.
• The proposal would reimburse up to 50% of the cost of drilling deepwater exploratory wells.
• A single deepwater well can cost ₹1,000–1,200 crore, with ultra-deepwater wells costing more.
• India is auctioning 18 deepwater and ultra-deepwater blocks under the Open Acreage Licensing Programme with a bid deadline of September 17.
• ONGC spudded its first deepwater exploratory well under the Samudra Manthan programme.