New Delhi [India], July 31 (ANI): The Union Cabinet on Friday approved the ‘Samudra Manthan’ National Offshore Exploration Scheme with an outlay of Rs 84,084 crore till 2030-31 to boost domestic oil and gas production, strengthen India’s energy security and reduce dependence on imports.
Announcing the decision after the Cabinet meeting, Union Minister Ashwini Vaishnaw described the initiative as “a very ambitious programme of Rs 84,000 crore” aimed at unlocking India’s offshore hydrocarbon potential.
“Our Exclusive Economic Zone… has a lot of hydrocarbons, gas and oil. If its exploration is done properly, then we can do a lot of production in India. Keeping this in mind, a very comprehensive programme has been made, which is called Samudra Manthan,” Vaishnaw said during the Cabinet briefing.
According to the Cabinet release, the Central Sector Scheme of the Ministry of Petroleum and Natural Gas covers the entire offshore exploration value chain. It includes large-scale seismic data acquisition, accelerated deepwater and ultra-deepwater exploratory drilling, scientific drilling in frontier basins, development of common offshore production infrastructure, and the establishment of an integrated Oil and Gas Manufacturing and Services Zone.
Explaining the scheme, Vaishnaw said the first major component is offshore seismic data acquisition, which will help identify areas with a higher probability of oil and gas reserves beneath the seabed before drilling begins.
“Once we have proper data, then the exploration plan can be prepared properly… and once the exploration is ready, the production programme can start in a more scientific way,” he said.
He added that the programme also focuses on creating common infrastructure required for offshore exploration, including facilities for rigs, jetties, bunkers and drilling support, besides promoting oil and gas manufacturing and services.
The government said the scheme is expected to help add over 600 million metric tonnes of oil equivalent (MMTOE) to India’s hydrocarbon reserves, increase offshore exploration activity, generate employment, strengthen domestic manufacturing under Make in India and Atmanirbhar Bharat, and create a globally competitive offshore technology ecosystem.
“As the demand for oil and gas is increasing in India, this scheme and this programme will be a big game-changer and will be a new milestone for India,” Vaishnaw said.
He said the initiative would also help reduce India’s import bill by raising domestic production.
“A lot of foreign exchange will be saved from this. First, by increasing our own oil and gas production… Overall, a comprehensive approach is being taken to save India’s foreign exchange,” Vaishnaw said. (ANI)
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