The Union Cabinet has approved the 'Samudra Manthan', which is a national offshore exploration scheme under the Ministry of Petroleum and Natural Gas, said Union Minister Ashwini Vaishnaw on Friday. The scheme has been approved an outlay of Rs 84,084 crore for implementation up to financial year (FY) 2030 to 31.
Speaking at a media briefing in New Delhi, Vaishnaw said the scheme is aimed at the exploration for oil and gas production in the country. Calling the scheme a 'major game-changer' amid the rising demand for oil and gas in India, the union minister said the 'Samudra Manthan' scheme will help in saving a lot of foreign exchange.
"Within India's Exclusive Economic Zone (EEZ), the area of the sea over which India has sovereign rights and privileges, there are significant reserves of hydrocarbons, including oil and natural gas," Vaishnaw said.
"If these resources are properly explored, India can substantially increase its domestic production. Keeping this objective in mind, a comprehensive programme has been designed for both exploration and subsequent production. This programme has been named Samudra Manthan," he added.
Focus on establishing integrated Oil and Gas Manufacturing and Services Zone
The 'Samudra Manthan' scheme will encompass a comprehensive set of interventions across the offshore exploration value chain. It will provide 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.
According to the government, this scheme will include dedicated provisions for digital programme management, capacity building, technology adoption, stakeholder engagement and international outreach, and create an integrated ecosystem to accelerate offshore exploration and production in the country.
How this scheme will be a game-changer?
As per a release, the 'Samudra Manthan' scheme will catalyse reserve accretion of over 600 Million Metric Tons of Oil Equivalentv (MMTOE). It will promote higher domestic oil and gas production and create more job opportunities, and make this crucial sector 'atmanirbhar' (self-reliant).
The release also said that the scheme will "stimulate significant investments across the exploration and production value chain, creating long-term opportunities for industry, innovation and economic growth."
"As India progresses towards becoming a developed nation, Samudra Manthan represents a transformational national initiative that will unlock the country's offshore energy resources, strengthen long-term energy security, deepen technological capabilities, and create enduring value for the economy and future generations," it said.
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