Oil India to invest Rs 15,000 crore over three years in deepwater exploration, eyes eight wells

New Delhi: Oil India plans to spend around Rs 15,000 crore over the next three years on deepwater exploration, Chairman Ranjit Rath said on Thursday.

The company plans to drill eight wells, although the actual number will depend on its interpretation of seismic data from the fields, Rath said.

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The government is pushing deepwater exploration in India and encouraging both domestic and foreign companies to participate. Under its Rs 84,000-crore Samudra Manthan scheme, the government plans to bear up to half the drilling costs for deepwater wells.

It is also planning massive investments in seismic data acquisition to help explorers identify prospects.

Oil India plans to partner with foreign companies to bid in the 10th and 11th rounds of exploration licensing, Rath said.

Current global market conditions, which have driven up oil prices, are providing an incentive for oil companies to invest in exploration, he said.