India's Offshore Exploration Scheme Aims to Cut Import Bill by ₹1 Lakh Crore

The Indian government has approved an ambitious offshore exploration scheme aimed at reducing the country's dependence on imported crude oil and gas. The ₹84,084 crore Samudra Manthan National Offshore Exploration Scheme is expected to save India around ₹1 lakh crore annually by increasing domestic production.

According to Petroleum Minister Hardeep Singh Puri, the initiative will accelerate exploration and production in offshore areas through large-scale seismic surveys, deepwater drilling, and supporting infrastructure. The programme will be implemented over four years with an outlay of ₹84,084 crore.

Puri described the Cabinet approval as a revolutionary decision, saying it would help India move closer to energy self-sufficiency. He added that the benefits of increased domestic supply would flow to Indian consumers and the wider economy.