Deepwater exploration: Ministry of petroleum plans Rs 80,000 crore package
The central Ministry of Petroleum and Natural Gas (MoPNG) is planning to draw up an Rs 80,000-crore incentive package to attract foreign investment in India's deepwater oil and gas exploration.
This package will be floated under the National Deepwater Exploration Mission, or Samudra Manthan, whereby the government will bear up to half the cost of drilling exploratory wells. According to ET, the government may also partly fund 3D seismic surveys to reduce exploration risk and attract global companies.
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