India Bets $8.8 Billion on Deep-Sea Oil to End Mideast Dependence

India has announced an $8.8 billion investment to drill for oil and gas in deep ocean waters. The move is part of a broader strategy to reduce the country’s reliance on energy imports from the Middle East. The funding will support exploration in India’s exclusive economic zone, which spans over two million square kilometers. Until now, most of this area has remained untapped due to high costs and technical challenges. The government believes that new deep-sea technology now makes extraction commercially viable. Officials say the project aims to boost domestic energy production. Currently, India imports more than 80% of its crude oil needs, with a large share coming from Gulf nations. This dependency leaves the economy vulnerable to price swings and supply disruptions in a volatile region. The investment will be spread over several years. It will cover seismic surveys, drilling rigs, and the construction of underwater pipelines. Private firms, including international energy companies, are expected to partner with state-owned enterprises on specific blocks. Energy analysts note that deep-sea drilling is risky and expensive. Success is not guaranteed, and projects often take a decade or more to reach full output. Still, the Indian government views this as a necessary step toward long-term energy security. The announcement comes at a time when global oil prices remain unstable due to geopolitical tensions. By tapping its own offshore reserves, India hopes to shield its fast-growing economy from external shocks. The first exploratory wells are scheduled to be drilled within the next two years.