New Delhi, June 4 -- For an economy that imports 90% of its oil and 50% of its gas to meet 35% of its primary energy needs (28% met by oil and 7% by gas), the Indian government has acted swiftly in the wake of the world's largest ever supply disruption. Last week, it launched an effort to review old geological data and secure more of it to ignite investor interest in hydrocarbons.

Better data improves the odds of explorers finding oil and gas, but does not guarantee a commercially viable discovery. Seismic studies reveal only indicative spots to drill, imprecision can be unforgiving and a strike may turn out too small.

Another recent initiative holds greater promise: a hefty package of financial incentives with an outlay of Rs.37,500 cr...