Cabinet Approves 'Samudra Manthan' (National Offshore Exploration Scheme) With An Outlay Of Rs.84,084 Crore

Key Highlights:

• Union Cabinet approved 'Samudra Manthan' (National Offshore Exploration Scheme), a Central Sector Scheme.
• The scheme, under the Ministry of Petroleum & Natural Gas, has an approved outlay of Rs.84,084 crore.
• It is slated for implementation up to FY 2030–31 to unlock India's vast offshore energy potential.
• Aims to strengthen India's energy security and accelerate domestic exploration and production.
• Expected to catalyze reserve accretion of over 600 Million Metric Tons of Oil Equivalent (MMTOE).

Detailed Insights:

• The scheme aligns with the Prime Minister's vision for a modern-day Samudra Manthan and advancing Viksit Bharat.
• It includes large-scale acquisition of high-quality seismic data and accelerated deepwater and ultra-deepwater exploratory drilling.
• Provisions are made for scientific drilling in frontier basins and development of common offshore production and evacuation infrastructure.
• The scheme also establishes an integrated Oil & Gas Manufacturing and Services Zone.
• It aims to generate large-scale employment and strengthen indigenous manufacturing under Make in India and Atmanirbhar Bharat.
• Samudra Manthan builds on past reforms in the upstream sector, including modernizing the legislative framework and strengthening the National Data Repository.

Key Concepts Involved:

• Central Sector Scheme: A scheme fully funded by the Central Government and implemented by Central Government agencies.
• Offshore Exploration: The process of searching for oil and natural gas deposits beneath the seabed.
• Upstream Sector: The segment of the oil and gas industry involved in exploration and production activities.
• Energy Security: Ensuring the availability of energy resources at an affordable price to support economic development.