Scheme for oil, gas exploration approved by Union Cabinet
New Delhi, July 31: A scheme for oil and gas exploration, named ‘Samudra Manthan’, was approved by the Union Cabinet today with an outlay of Rs 84,084 crore.
The scheme will be implemented through financial year 2031 (FY31) to unlock India’s vast offshore energy potential, an official spokesman said.
The scheme encompasses a comprehensive set of interventions across the offshore exploration value chain, aimed at strengthening India’s energy security, accelerating domestic exploration and production and promoting technological leadership.
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 and development of common offshore production and evacuation infrastructure.
It also includes the establishment of an integrated oil and gas manufacturing and services zone.
It also includes dedicated provisions for digital programme management, capacity building, technology adoption, stakeholder engagement and international outreach, creating an integrated ecosystem.
“Samudra Manthan is expected to catalyse reserve accretion of over 600 million metric tonne of oil equivalent (MMTOE), 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 official statement noted.
The scheme is also expected to stimulate significant investments across the exploration and production value chain, creating long-term opportunities for industry, innovation and economic growth.
Over the past decade, the government has undertaken transformative reforms across the upstream sector, including opening almost the entire offshore acreage for exploration, modernising the legislative and contractual framework, and strengthening the National Data Repository, the statement noted. (BVI)
