India commits $8.8bn to deep-sea oil exploration to cut Mideast reliance

Government aims to attract foreign companies with subsidies for drilling India is aiming to shore up its hydrocarbon resource base with a plan to encourage deep-water drilling in three marine areas previously closed to such activity. © Reuters NEW DELHI — India's government will invest 840 billion rupees ($8.8 billion) to support deep-sea exploration of oil and natural gas wells, hoping to reduce dependence on foreign energy.

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