NEW DELHI: India said on Friday (Jul 31) it will provide US$8.8 billion in financial support for offshore oil and gas exploration as part of its efforts to reduce its heavy reliance on energy imports. "If exploration is carried out properly, India can achieve substantial production," Information and Broadcasting Minister Ashwini Vaishnaw told reporters in New Delhi. Modi first announced the offshore exploration mission during a speech marking the country's Independence Day in August last year. India's Petroleum and Natural Gas Minister Hardeep Singh Puri told AFP last month that the recent energy crunch had provided fresh impetus to India to expand its domestic supplies. India currently meets only around 10 per cent of its crude oil requirements through domestic production.