India’s energy company Oil and Natural Gas Corporation (ONGC) is planning to spend around $9billion (£5.48billion) over the next decade on hydrocarbon production off the country’s east coast.
The company is looking to begin production from three wells already drilled in licence KG 98/2 in the Bay of Bengal in 2016.
It would combine production with a gas find in the block dating back to 2010, which was due to begin output last year.
India is hoping investment in home production will reduce its dependency on crude oil import, currently buying 80% of its reserves from overseas.