BP eyes bids under India oil, gas policy
The Indian government's new oil and gas policy, known as Samudra Manthan, aims to boost energy security by accelerating deep-water oil exploration. The policy includes a budget of approximately Rs 84,000 crore and is designed to improve India's energy security in light of global supply chain disruptions due to economic sanctions on Russia and the US-Iran war.
BP CEO Meg O'Neill expressed interest in bidding for exploration blocks in India, stating that the country offers attractive fiscal and legal terms along with a supportive government for foreign investment. O'Neill also noted that BP is currently moderating its activities in parts of West Asia due to risks associated with the Strait of Hormuz blockade.
The Indian government's reforms are intended to encourage companies to increase exploration efforts and provide funding for required infrastructure. BP, along with Chevron and ExxonMobil, is one of the Big Oil giants and is strategically distancing itself from high-risk areas.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
