Daily Update — July 29, 2026
India Advances Deepwater Drilling; Beyond the Grid Bottleneck; and Australian Data Center Outlook
Today is Wednesday, July 29, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Oil & Gas
India begins drilling in Mahanadi Offshore Basin for oil and gas in deep-water push
India has started drilling the first appraisal well in the Mahanadi Offshore Basin, a move aimed at expanding the country's upstream push in the deep-water segment and unlocking new oil and gas reserves. The MN-DWN18-1-HD appraisal well is the first of four planned deep-water wells that will systematically evaluate one of India's most prospective offshore basins.
"This is the beginning of a new chapter in India's journey toward energy security. The drilling program will employ world-class deep-water drilling technology to unlock new hydrocarbon resources and strengthen India's domestic production capability," Petroleum Minister Hardeep Singh Puri said in a July 25 petroleum ministry statement.
Energy Expansion
Listen: Moving beyond the grid bottleneck with smart technology
Smart technology is redefining the debate over grid infrastructure. Rather than spending millions on new transformers, transmission lines and generation capacity, a growing consensus suggests the answer lies in using existing resources more intelligently.
In this episode of the “Energy Evolution” podcast, host Eklavya Gupte spoke with Devrim Celal, chief flexibility and marketing officer at Kraken Technologies, about how consumer devices are being transformed into virtual power plants managing gigawatts in real time.
Data Center
Australian Data Centers: Navigating Growth And Scrutiny
Australia’s data center boom is being driven by the country’s strong rule of law and governance, stable economy and proximity to Asia. Domestic demand for cloud and AI alone will fuel notable expansion. S&P Global Ratings expects most new capacity to come from leased wholesale and powered shell facilities built for large customers.
Sydney and, to an extent, Melbourne dominate the Australian data center market because of their size, connectivity and infrastructure. High utilization rates also suggest operators have expanded capacity cautiously, with demand largely keeping pace with supply, S&P Global Ratings said.
In case you missed it
- Most European insurers will see decent profitability with muted growth over the remainder of 2026.
- Ocean carriers on Indian westbound trades to the US East Coast and North Europe are deploying extra-loaders to capitalize on soaring booking rates and buoyant export demand.
- A general de-escalation in the Middle East war in the second quarter, alongside large bond offerings by hyperscalers, has helped to push year-to-date bond issuance up 11%.
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