The Union Cabinet has given its nod to the National Offshore Exploration Scheme- Samudra Manthan, with an approved outlay of 84,084 crore rupees for implementation up to Financial year 2030-31. Addressing media in New Delhi, Information and Broadcasting Minister Ashwini Vaishnaw said, the Scheme encompasses a comprehensive set of interventions across the offshore exploration value chain.
Mr Vaishnaw said, Samudra Manthan is expected to catalyse reserve accretion of over 600 Million Metric Tons of Oil Equivalentv, substantially increase offshore exploration activity, promote higher domestic oil and gas production, generate large-scale employment, strengthen indigenous manufacturing under Make in India and Atmanirbhar Bharat, and foster a globally competitive ecosystem for offshore technologies and services.
The Scheme translates the Prime Minister’s vision, articulated from the Red Fort on Independence Day last year, of a modern-day Samudra Manthan to unlock India’s vast offshore energy potential. It marks a landmark step towards strengthening India’s energy security, accelerating domestic exploration and production, promoting technological leadership, and advancing the vision of Viksit Bharat. The Scheme encompasses a comprehensive set of interventions across the offshore exploration value chain. It provides for large-scale acquisition, processing and interpretation of high-quality seismic data, accelerated deepwater and ultra-deepwater exploratory drilling, scientific drilling in frontier basins, development of common offshore production and evacuation infrastructure, and establishment of an integrated Oil and Gas Manufacturing and Services Zone.
