STARTUP LEGAL17 Sept 2026
Oil India to invest ₹15,000 crore over next three years to explore offshore deepwater blocks: CMD | Company Business News
Oil India Ltd plans to spend about ₹15,000 crore over the next three years on offshore deep and ultra-deepwater exploration. This follows the cabinet's approval of Samudra Manthan, a national offshore exploration scheme with an outlay of ₹84,084 crore until FY31. For businesses in oilfield services, drilling and seismic work, this signals steady government-backed spending ahead.
Key Statutory Highlights
- Oil India plans to invest around ₹15,000 crore over the next three years to explore offshore deep and ultra-deepwater blocks in India.
- The Union cabinet approved the Samudra Manthan national offshore exploration scheme with an outlay of ₹84,084 crore until FY31.
- During FY26, Oil India produced 3.450 million tonnes of crude oil and 3.186 billion cubic metres of natural gas.
Actionable Advice for Taxpayers / Founders:If you supply drilling, seismic or offshore support services, it may be worth tracking Oil India's tenders and the Samudra Manthan scheme, and checking with your tax advisor how any new contracts affect your GST and TDS compliance.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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