Prime Minister Narendra Modi announced on August 15, 2023, that India is launching a national deepwater exploration mission aimed at enhancing its energy resources. This initiative seeks to bolster the country’s domestic energy supply and reduce its reliance on foreign fuel imports. Modi emphasized the importance of harnessing deepwater energy resources to strengthen India’s energy self-reliance.
The government is also focusing on expanding its renewable energy capacity, with advancements in solar, nuclear, hydro, and hydrogen energy. This dual approach is part of a broader strategy to secure energy independence, aligning with the newly introduced National Critical Minerals Mission. This mission aims to secure essential resources crucial for India’s energy, industry, and defense sectors.
Exploration Goals and Strategic Importance
India plans to explore approximately 1,200 sites for critical minerals, which are vital for various sectors. Modi highlighted that controlling these resources will enhance strategic autonomy, ensuring that India’s industrial and defense sectors remain self-sufficient.
The deepwater exploration mission comes as India prepares for significant offshore exploration activity, following the largest acreage ever made available under the Open Acreage Licensing Programme (OALP) Round X. Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored the emphasis on strengthening domestic exploration and production efforts. During a recent trip to an offshore industry event in Bergen, Norway, he stated, “India’s energy journey offers engagement opportunities with Indian companies across multiple areas, including joint participation in the upcoming OALP-X bidding round.”
As India aims to increase its domestic oil and gas production, it faces the challenge of rising demand and fluctuating international energy prices. Currently, the country relies on imports for more than 85% of its daily oil consumption.
Rising Import Dependence
The fiscal year ending on March 31, 2025, highlights India’s ongoing dependence on crude oil imports, especially as domestic production remains stagnant. In the period from April 2024 to February 2025, India imported 88.2% of the crude oil it consumed, a slight increase from 87.7% during the same timeframe in the previous fiscal year. This growing import reliance underscores the urgency of the government’s efforts to enhance domestic energy production capabilities.
With the deepwater exploration mission and the OALP Round X, India is poised to take significant steps toward energy independence, aiming to meet its increasing fuel demands while ensuring a more stable energy future. The combination of traditional exploration and a push for renewable energy sources reflects India’s commitment to a diversified energy strategy.
