Cabinet Greenlights Rs 84,084 Crore ‘Samudra Manthan’ Initiative for Oil and Gas Exploration
India has launched the ‘Samudra Manthan‘ National Offshore Exploration Scheme, allocating Rs 84,084 crore for oil and gas exploration. The Union Cabinet, led by Prime Minister Narendra Modi, approved this initiative amid ongoing geopolitical tensions in the Middle East. The scheme aims to enhance India’s offshore energy resources and is projected to add over 600 million metric tons of oil equivalent (MMTOE) to the country’s reserves by the end of FY2030-31.
Objectives and Components of the Scheme
The primary goal of the Samudra Manthan scheme is to boost domestic oil and gas reserves and production. It comprises two main components: Seismic Data Acquisition, Processing & Interpretation, and Offshore Exploration Acceleration, Common Infrastructure & Manufacturing Support. The program encompasses the entire offshore exploration value chain, focusing on high-quality seismic data acquisition, expedited exploratory drilling in deepwater and ultra-deepwater regions, and the development of shared offshore production and evacuation infrastructure.
Additionally, the scheme emphasizes digital program management, capacity building, and technology adoption. It aims to create a comprehensive ecosystem for offshore exploration and production in India, fostering stakeholder engagement and international outreach.
Economic Impact and Benefits
The initiative is expected to generate significant economic benefits, including large-scale employment opportunities and enhanced indigenous manufacturing under the Make in India and Atmanirbhar Bharat initiatives. It is anticipated to attract substantial investments across the exploration and production sectors, promoting long-term industry growth and innovation.
The government has outlined several expected benefits of the scheme, including the acceleration of approximately 600+ MTOE of hydrocarbon reserves, an incremental annual production increase of 10–15 MTOE, and potential annual foreign exchange savings through reduced imports. The initiative is also projected to drive GDP growth and create jobs in exploration and production activities.
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