India's cabinet greenlights Rs 84,084 crore offshore oil and gas push
The Union Cabinet, led by Prime Minister Narendra Modi, approved the Rs 84,084 crore ‘Samudra Manthan’ scheme to boost offshore oil and gas exploration through FY 2030-31.
Prime Minister Narendra Modi’s Union Cabinet gave the go-ahead to the Rs 84,084 crore ‘Samudra Manthan’ National Offshore Exploration Scheme, slated for implementation by the 2030-31 fiscal year. The initiative targets a rise of more than 600 million metric tons of oil-equivalent reserves and aims to lift annual output by 10-15 million tons, with a peak potential of 20 million tons. It combines large-scale seismic data acquisition, faster deep-water and ultra-deepwater drilling, and the development of shared offshore production and evacuation facilities.
A dedicated Oil & Gas Manufacturing and Services Zone will support domestic manufacturing under Make in India and Atmanirbhar Bharat. The plan is expected to generate significant employment, attract private investment across the value chain, and improve India's trade balance by cutting fuel imports.
Why it matters
The scheme seeks to lessen India's dependence on imported oil, bolster energy security and create jobs in a strategic sector.
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