New Delhi: The Centre has approved Rs 84,084 crore under National Offshore Exploration Scheme, a Central Sector Scheme of the Ministry of Petroleum & Natural Gas.
The fund will be used for the period of up to Financial Year 2030–31 as part of the scheme named Samudra Manthan.
The scheme is expected to marks a landmark step towards strengthening India's energy security, accelerating domestic exploration and production, promoting technological leadership.
The Scheme encompasses a comprehensive set of interventions across the offshore exploration value chain. It provides for large-scale acquisition, processing and interpretation of high-quality seismic data, accelerated deepwater and ultra-deepwater exploratory drilling, scientific drilling in frontier basins, development of common offshore production and evacuation infrastructure, and establishment of an integrated Oil & Gas Manufacturing and Services Zone.
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It 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.
Samudra Manthan is expected to catalyse reserve accretion of over 600 Million Metric Tons of Oil Equivalentv(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.
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.
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.
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