India Launches $1.2 Trillion Offshore Oil and Gas Exploration Project 'Samudra Manthan'

The Indian government has approved a massive offshore oil and gas exploration project called 'Samudra Manthan' at a cost of ₹84,000 crore. This is India's largest National Offshore Exploration Project so far, aiming to search for crude oil and gas in sea and deep water areas.

The project will cover approximately 10 lakh square kilometers of Exclusive Economic Zone (EEZ) adjacent to the Indian coast, where natural gas and oil reserves exist. The government expects that production from existing oil and gas wells in the country is declining by 6% to 7% every year.

Under 'Samudra Manthan', the government will provide ₹675 crore per well or 50% of the cost for drilling, with the remaining expenses borne by private companies working on this project in partnership with the government. The scheme aims to reduce India's dependence on imported oil and gas, with an expected increase in domestic production from 62 MMTOE to 80 Million Metric Tonnes of Oil Equivalent (MMTOE).