India has opened a special licensing round for deepwater and ultra-deepwater oil and gas blocks, offering monthly bidding windows and relaxed fiscal terms. The government will support up to 50 per cent of eligible exploratory well costs under the Rs. 840.84 bn Samudra Manthan offshore exploration programme. The round is being conducted under the Open Acreage Licensing Policy and is intended to lower entry barriers, share the high risks and costs of offshore drilling, and provide investors with continuous access to acreage. The Directorate General of Hydrocarbons said details of the first bid window would be announced shortly. Approved by the Union Cabinet on July 31, 2026, Samudra Manthan covers seismic data acquisition, deepwater and ultra-deepwater drilling, scientific drilling, common offshore production and evacuation infrastructure, and an integrated manufacturing and services zone. The scheme allocates Rs. 432 bn for accelerated offshore exploration, including 60 deepwater wells, with support capped at Rs. 6.75 bn per well, whichever is lower. It also provides Rs. 285.34 bn for offshore seismic work, Rs. 100 bn for common infrastructure and Rs. 20 bn for manufacturing and services zones. The programme is designed to add more than 600 mn tonne of oil equivalent to India’s hydrocarbon reserves, increase domestic production and reduce dependence on imports. Under the special framework, a 21-day Expression of Interest window will open on the first day of every month, creating 12 bidding opportunities annually. Bids will be assessed on the Committed Work Programme, with additional marks for the block’s originator and proven deepwater drilling experience. For Category-I blocks, revenue sharing during the first five production years will apply only when windfall gains accrue, while from the sixth year the applicable share will be the higher of 5 per cent of revenue or the relevant windfall-gain slab. The framework removes parent-company guarantees where bidders meet standalone net-worth requirements. It also permits a single revolving USD 2 mn bid bond for multiple windows and provides greater flexibility for assignments involving qualifying international or national oil companies.