“There is alignment and agreement from the PM’s (India) office down to the regulator that more offshore exploration is needed,” a report said.
The report added that owing to the availability of new unexplored blocks and attractive fiscal terms, major companies like ExxonMobil, Total and Chevron are looking at deepwater opportunities with state-owned ONGC Ltd.
Greater participation by the major companies in India’s energy sector has long been heralded, but often stalled due to a challenging investment environment, it’s said.
India’s vast energy market holds many attractions. The scale and growth and a compelling decarbonisation narrative as gas is required to displace coal, the report added.
With fiscal and regulatory enhancements, the government is ensuring more offshore exploration, to secure affordable, sustainable and secure supplies of energy, it said while explaining the reasons of the major international players being interested in India’s deepwater.
