Cabinet Clears Rs. 84,084 Crore ‘Samudra Manthan’ Plan to Strengthen India’s Offshore Oil Exploration

New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday approved the 'Samudra Manthan' National Offshore Exploration Scheme, allocating ?84,084 crore for its implementation through FY 2030-31. The ambitious initiative aims to enhance India's energy security by accelerating offshore oil and gas exploration amid growing global energy uncertainties driven by geopolitical tensions.

The Central Sector scheme of the Ministry of Petroleum and Natural Gas is designed to boost domestic exploration and production while supporting the government's vision of Viksit Bharat. It also seeks to encourage technological innovation, strengthen indigenous manufacturing, and reduce India's dependence on energy imports.

According to the Cabinet, the scheme is expected to help discover more than 600 million metric tonnes of oil equivalent (MMTOE) in reserves, significantly expand offshore exploration activities, increase domestic oil and gas production, and create substantial employment opportunities. It is also expected to attract fresh investments across the exploration and production sector, fostering long-term industrial growth and innovation.

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The programme includes a wide range of measures covering the entire offshore exploration value chain. These include large-scale acquisition, processing and interpretation of advanced seismic data, accelerated drilling in deepwater and ultra-deepwater regions, scientific drilling in unexplored basins, development of shared offshore production and evacuation infrastructure, and the creation of an integrated Oil and Gas Manufacturing and Services Zone.

In addition, the scheme provides for digital programme management, capacity building, adoption of advanced technologies, stakeholder engagement, and international collaboration to build a modern and competitive offshore exploration ecosystem.

The Cabinet noted that the initiative builds on a series of reforms introduced over the past decade, including opening nearly all offshore areas for exploration, modernising the legal and contractual framework, and strengthening the National Data Repository.

With strategic public investment, cutting-edge technologies, and world-class infrastructure, the government believes Samudra Manthan will usher in a new phase of offshore energy exploration and help reinforce India's long-term energy security.

With inputs from IANS