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via economictimes.indiatimes.comPolitics

Govt to bankroll half the cost of deepwater wells, but wants its money back from winners

FROM THE WIRE · ECONOMICTIMES.INDIATIMES.COM

The Indian government is initiating the Samudra Manthan scheme to encourage deepwater exploration for hydrocarbons. This scheme will provide financial assistance up to 50 percent of the costs for exploratory wells. Eligible wells will have a cost cap, and only state-run firms…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: neutralThe plan supports deepwater hydrocarbon exploration in India, with potential effects on the energy sector.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01The Samudra Manthan scheme covers up to 50% of exploratory well costs.
  2. 02Only state-run firms can apply for funding.
  3. 03The government expects repayment only if oil or gas is discovered.

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