Blitz India Business
NEW DELHI: The Union Cabinet, chaired by Prime Minister Narendra Modi, recently approved ‘Samudra Manthan’ – National Offshore Exploration Scheme with an outlay of Rs 84,084 crore for implementation up to FY 2030-31, as the world grapples with energy shocks due to geopolitical tensions.
The Central Sector Scheme of the Ministry of Petroleum and Natural Gas marks a landmark step towards strengthening India’s energy security, accelerating domestic exploration and production, promoting technological leadership, and advancing the vision of Viksit Bharat, according to a Cabinet communique.
‘Samudra Manthan’ is projected to catalyse reserve accretion of over 600 million metric tonne of oil equivalent (mmtoe), substantially increase offshore exploration activity, promote higher domestic oil and gas production, generate large-scale employment, strengthen indigenous manufacturing under Make in India and Atmanirbhar Bharat, and foster a globally competitive ecosystem for offshore technologies and services.
Long-term opportunities
The scheme is also expected to stimulate significant investments across the exploration and production value chain, creating long-term opportunities for industry, innovation and economic growth, the communique said.
According to the Cabinet, the scheme encompasses a comprehensive set of interventions across the offshore exploration value chain. It also provides for largescale acquisition, processing and interpretation of highquality seismic data, accelerated deepwater and ultradeepwater exploratory drilling, scientific drilling in frontier basins, development of common offshore production and evacuation infrastructure, and establishment of an integrated Oil and Gas Manufacturing and Services Zone.
The scheme is also expected to stimulate significant investments across the exploration and production value chain, creating long-term opportunities for industry, innovation and economic growth
The scheme also includes dedicated provisions for digital programme management, capacity building, technology adoption, stakeholder engagement and international outreach, creating an integrated ecosystem to accelerate offshore exploration and production in the country.
Over the past decade, the Government has undertaken transformative reforms across the upstream sector, including opening almost the entire offshore acreage for exploration, modernising the legislative and contractual framework, and strengthening the National Data Repository.
“Building on these reforms, Samudra Manthan will usher in a new era of accelerated offshore exploration through strategic public investment, cutting-edge technologies and world-class infrastructure,” the communique said.