India looks to bet big on foreign drillers

India, the biggest contributor to world demand for oil, will bring into effect in two weeks an overhaul of its drilling policy.

- S DINAKAR

This comes after more than a year of preparation and will boost the exploration and development of India's oil and gas sector along with increased participation by foreign drillers, a top government official close to the developments told Business Standard.

Foreign drillers will be insured against any fiscal-policy changes, the bugbear that kept reputed overseas explorers like Exxon, Shell, and Chevron from participating in the country's first nine drilling rounds, the official said.

It is India's make-or-break oil exploration policy to draw in foreign investors, with the government laying out the red carpet to oil majors, an industry official said. Crude oil production by private players declined by more than half in FY25 as against a record 12 million tonnes in FY14, according to the oil ministry data.