India has approved “Samudra Manthan”, the National Offshore Exploration Scheme, allocating Rs 84,084 crore or $9.6 billion for its implementation through FY2030-31.
Chaired by Prime Minister Narendra Modi, the decision of the Inion cabinet came on Friday as countries seek to strengthen energy security amid global supply uncertainties driven by geopolitical conflicts.
The initiative is designed to reduce India's dependence on imported hydrocarbons by expanding offshore exploration, increasing domestic production, and encouraging the use of advanced technologies, the Indo-Asian News Service (IANS) reports.
A statement says the government expects the programme to help discover more than 600 million metric tonnes of oil equivalent (MMTOE) in additional reserves.
It also aims to boost offshore exploration and production, create jobs, attract fresh investments across the energy value chain, strengthen domestic manufacturing under the Make in India and Atmanirbhar Bharat initiatives, and develop a globally competitive offshore services industry.
IANS reported that the scheme covers multiple stages of offshore exploration, including nationwide acquisition and interpretation of high-quality seismic data, faster drilling in deepwater and ultra-deepwater blocks, scientific exploration in frontier basins, construction of shared offshore production and evacuation facilities, and the creation of an integrated Oil and Gas Manufacturing and Services Zone.
Beyond exploration activities, the programme sets aside funding for digital project management, workforce training, technology deployment, stakeholder coordination and international collaboration.
Together, these measures are intended to create a more efficient ecosystem for offshore oil and gas development while improving the sector's long-term competitiveness, according to IANS.
The cabinet said the programme builds on a series of upstream sector reforms introduced over the past decade, including opening nearly all offshore areas for exploration, updating the legal and contractual framework, and strengthening the National Data Repository.
IANS cited the statement as saying, “Building on these reforms, Samudra Manthan will usher in a new era of accelerated offshore exploration through strategic public investment, cutting-edge technologies and world-class infrastructure.”