That makes sense. It's also closer to the land itself (less quarrel over drilling rights). The North Sea and Gulf of Mexico has a lot of deep sea drilling. I suppose there will be deeper explorations off of India soon enough.
Lets just say the biggest worry for India in the next decade is the issue of "energy security". Hence a country like Iran is so important for India (because of their oil reserves and proximity to India). There is a frenzied rush by India and China for grabbing oil in the region. I understand the US is trying to accomodate India in some sort of energy security arrangement (mostly cooperation in the field of nuclear energy) to distance India from Iran. But I doubt that will be enough. Oil is what the economy runs on.