What happened
The government approved an offshore oil and gas exploration scheme worth Rs 84,000 crore. The approval aims to accelerate bidding and development of offshore acreage, with a medium-term goal of improving energy supply. The scheme is positioned as a reserve-accretion and production-support measure expected to raise domestic output from offshore blocks.
What happened in the scheme’s stated aims
The government’s stated objectives for the offshore oil and gas exploration scheme include the following outcomes:
The scheme is meant to accelerate bidding for offshore acreage.The scheme is meant to accelerate development of offshore acreage after bidding.The scheme is intended to attract investment for exploration and development.The scheme is intended to create production capacity.The scheme is intended to enhance domestic output from offshore blocks over the medium term.
Background and earlier position
Related current affairs
- Cabinet okays ₹84,084-cr. Samudra Manthan for offshore exploration
- Beyond Stress (right-bottom explain/report continuation for energy/renewables)
- No decision on ethanol blending with petrol beyond 20%: MoS
- Explainer: What lifting India’s emergency natural-gas curbs means after the West Asia crisis
- Industry experts reassure on E20 ethanol-blended petrol after rigorous testing; E85 only for flex-fuel vehicles