🛢️ ₹84,084 crore 'Samudra Manthan' scheme approved; oil and gas exploration set to accelerate
📍New Delhi | M Bharat 24 News Live
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the "Samudra Manthan" – National Offshore Exploration Scheme. An expenditure of ₹84,084 crore will be incurred on this ambitious scheme, which is set to be implemented through the 2030-31 financial year.
Under the scheme, activities such as the drilling of 60 deep-sea exploration wells, modern 2D-3D seismic surveys, the development of shared offshore infrastructure, and the promotion of indigenous manufacturing in the oil and gas sector will be undertaken. The government will provide financial assistance covering 50% of the deep-sea drilling costs, up to a maximum of ₹675 crore per well.
India is currently the world's third-largest consumer of crude oil, importing crude worth approximately US$ 144 billion (around ₹13 lakh crore) annually. Through this scheme, the government aims to increase domestic oil and gas production from 62 MMT0E to 80 MMT0E per year, which is estimated to result in an annual saving of approximately ₹1 lakh crore on the crude oil import bill.
The government states that this scheme will provide a significant boost to India's energy security, the 'Atmanirbhar Bharat' (Self-Reliant India) initiative, and long-term economic growth.
