India Approves Rs 84,084 Crore Offshore Exploration Scheme

The Indian government has approved a massive offshore exploration scheme called 'Samudra Manthan' to boost oil and gas production. The cabinet-approved scheme, which will run until FY31, carries an outlay of Rs 84,084 crore.

According to the Ministry of Petroleum and Natural Gas, Samudra Manthan aims to increase domestic oil and gas production by catalyzing reserve accretion of over 600 million metric tonnes of oil equivalent (MMTOE).

The scheme is expected to create large-scale employment opportunities and stimulate significant investments across the exploration and production value chain.