India Launches Ambitious Oil and Gas Exploration Scheme Worth Rs 84,084 Crore

The Union Cabinet of India has approved a new scheme called 'Samudra Manthan' to boost domestic oil and gas production. The scheme, which is expected to be completed by 2030-31, has an outlay of Rs 84,084 crore.

According to the Ministry of Petroleum and Natural Gas, the Central Sector Scheme will cover the entire offshore exploration value chain, including seismic data acquisition, drilling, and infrastructure development. The scheme aims to unlock India's offshore hydrocarbon potential and strengthen the country's energy security.

Union Minister Ashwini Vaishnaw described the initiative as 'a very ambitious programme' aimed at reducing India's dependence on oil imports. He said that the scheme will help identify areas with a higher probability of oil and gas reserves, which will enable more scientific exploration and production planning.

The government expects the scheme to add over 600 million metric tonnes of oil equivalent (MMTOE) to India's hydrocarbon reserves, generate employment, and promote domestic manufacturing under 'Make in India' and 'Atmanirbhar Bharat'. The initiative will also help reduce India's import bill by increasing domestic production.