India Approves US$8.81 Billion Offshore Oil and Gas Exploration Plan
The plan funds 60 deepwater wells and seismic surveys as India seeks to cut its reliance on imported oil and gas.
- In New Delhi on Friday, Information Minister Ashwini Vaishnaw announced a cabinet-approved $9 billion financial support plan to accelerate offshore oil and gas exploration in India over five years.
- Domestic production has lagged for decades, forcing India to rely on imports for almost 90% of its oil requirements and half of its gas needs; output fell more than 3% to 62.7 million tons.
- Funding includes 432 billion rupees for offshore exploration and 285 billion rupees for large-scale seismic data gathering through March 2031, supporting drilling of 60 deepwater and ultra-deepwater wells.
- The initiative aims to add more than 600 million tons of oil-equivalent reserves while boosting annual domestic production by 10 million to 15 million tons of oil equivalent.
- Prime Minister Narendra Modi's administration expects the plan to "stimulate significant investments across the exploration and production value chain," creating long-term opportunities for industry, innovation, and economic growth.
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32 Articles
India is making a major investment under the Samudra Manthan project, which is expected to cost ₹84,084 crore. If successful, this scheme could strengthen India's oil and gas security.
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Cabinet approves scheme for offshore exploration with outlay of Rs 84,084 cr up to FY31
New Delhi, July 31: The Union Cabinet chaired by the Prime Minister Narendra Modi has approved 'Samudra Manthan' – the National Offshore Exploration Scheme, a Central Sector Scheme of the Ministry of Petroleum & Natural Gas with an approved outlay of Rs.84,084 crore for implementation up to FY 2030–31. The Scheme translates the Prime Minister's vision, articulated from the Red Fort on Independence Day 2025, of a modern-day Samudra Manthan to un…
Cabinet approves ₹84,084 crore for offshore exploration scheme ‘Samudra Manthan’
Seeking to provide a fillip to India’s offshore exploration, the Union Cabinet Friday approved an outlay of ₹84,084 crore to the Union Petroleum Ministry’s National Offshore Exploration Scheme, titled ‘Samudra Manthan’.
Government greenlights Rs 84,000-crore scheme to boost offshore oil & gas exploration, production
The Centre expects the Samudra Manthan scheme to catalyse reserve accretion of over 600 million tonnes of oil and oil equivalent gas, while stimulating significant investments across the oil and gas exploration and production value chain.
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