Govt Unveils Rs 84,084 Cr Offshore Exploration Scheme To Boost Oil And Gas Output

New Delhi, Aug 1 (KNN) The Union Cabinet, chaired by Prime Minister Modi, has approved ‘Samudra Manthan’—the National Offshore Exploration Scheme—with an outlay of Rs 84,084 crore for implementation up to FY 2030–31.

The scheme aims to expand India’s offshore oil and gas exploration and production, in line with the government’s broader objective of strengthening energy security and supporting long-term economic growth, according to a government release.

Comprehensive push across exploration value chain

Samudra Manthan includes a wide range of measures covering the entire offshore exploration ecosystem. These include large-scale acquisition and interpretation of seismic data, accelerated drilling in deepwater and ultra-deepwater areas, and scientific exploration in frontier basins.

The scheme also provides for the development of common offshore production and evacuation infrastructure, along with the establishment of an integrated oil and gas manufacturing and services zone.

In addition, it includes provisions for digital programme management, capacity building, adoption of advanced technologies, stakeholder engagement, and international collaboration.

Focus on energy security and domestic capacity

The initiative is expected to help identify and add over 600 million metric tonnes of oil equivalent (MMTOE) in reserves, while increasing domestic oil and gas production. It also aims to boost exploration activity and reduce dependence on imports.

The scheme is projected to generate employment, encourage investment across the exploration and production value chain, and support domestic manufacturing under broader self-reliance initiatives.

(KNN Bureau)