Scheme for interventions across offshore energy value chain, says Ministry
The Cabinet has approved Rs.84,084 crore ‘Samudra Manthan’, the National Offshore Exploration Scheme of the Ministry of Petroleum & Natural Gas for implementation up to FY 2030–31 to unlock India’s vast energy potential from the ocean bed which holds 600 million Metric Tons of Oil Equivalent (MMTOE).
The Scheme 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, the Ministry said on 31 July.
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.
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 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. 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.
As India progresses towards becoming a developed nation, Samudra Manthan represents a transformational national initiative that will unlock the country’s offshore energy resources, strengthen long-term energy security, deepen technological capabilities, and create enduring value for the economy and future generations.
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 Ministry said. fiinews.com
