‘Samudra Manthan’: Cabinet approves Rs 84,084 cr scheme for oil & gas exploration - top things to know
Samudra Manthan scheme: Amid the ongoing Middle East crisis, India has announced a Rs 84,084 crore scheme for oil and gas exploration. PM Narendra Modi-led Union Cabinet approved the 'Samudra Manthan' National Offshore Exploration Scheme under the Ministry of Petroleum & Natural Gas.The scheme will be implemented through FY2030-31 with an aim to harness India's vast offshore energy resources - in what the government has termed as a modern day Samudra Manthan.Samudra Manthan is projected to help add more than 600 million metric tons of oil Equivalent (MMTOE) to India's reserves while significantly expanding offshore exploration activity and increasing domestic oil and gas production.India imports nearly 90% of its oil needs and with global energy security at risk with potential blockades of Strait of Hormuz, Red Sea and Black Sea routes, India is looking secure its oil and gas supply.
'Samudra Manthan' – National Offshore Exploration Scheme: All you want to knowThe target of the scheme is to enhance domestic oil and gas reserves and production.It has two components: (1) Seismic Data Acquisition, Processing & Interpretation (2) Offshore Exploration Acceleration, Common Infrastructure & Manufacturing SupportThe programme covers the entire offshore exploration value chain through a broad set of initiatives.
These include large-scale acquisition, processing and interpretation of high-quality seismic data, faster exploratory drilling in deepwater and ultra-deepwater areas, scientific drilling in frontier basins, development of shared offshore production and evacuation infrastructure, and the creation of an integrated Oil & Gas Manufacturing and Services Zone.
The scheme also provides for digital programme management, capacity building, technology adoption, stakeholder engagement and international outreach to build a comprehensive ecosystem for accelerating offshore exploration and production in India.The scheme is also expected to create large-scale employment, strengthen indigenous manufacturing under the Make in India and Atmanirbhar Bharat initiatives, and build a globally competitive ecosystem for offshore technologies and services.
In addition, it is likely to attract substantial investments across the exploration and production value chain, opening up long-term opportunities for industry, innovation and economic growth.The government has listed the following benefits of the scheme:Will accelerate accretion of ~600+ MTOE (million ton of oil equivalent) of hydrocarbon reservesWill add incremental annual production of 10–15 MTOE, with peak potential of 20 MTOEWill generate annual forex savings by substituting imports through higher domestic productionWill catalyze investment across exploration and manufacturing sectorsWill drive strong GDP expansionWill create jobs in E&P and allied activitiesGet the latest Business News and Live updates.
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