The Union Cabinet has approved 'Samudra Manthan' – the National Offshore Exploration Scheme for implementation up to FY31.
Key Highlights of the Scheme
- Type: Central Sector Scheme
- Ministry: Ministry of Petroleum & Natural Gas.
- Financial Outlay: Rs 84,084 crore allocated for ultra-deepwater and frontier basin drilling infrastructure.
- Energy Security: Targets 600 Metric Tonnes of Oil Equivalent (MMTOE) in hydrocarbon reserves.
- Infrastructure: Establishes an Oil and Gas Manufacturing and Services Zone for indigenous production.
- Seismic Surveys: Focuses on 3D seismic data acquisition to mitigate exploration risks.
India's Offshore Energy Potential
- Oil & Gas: Offshore basins hold ~31% of India's crude and natural gas.
- Deepwater and ultra-deepwater basins such as Krishna-Godavari, Cauvery, Mahanadi and the Andaman region, offer immense untapped deepwater resources.
- Offshore Wind: 71 GW potential, mainly off the coasts of Gujarat and Tamil Nadu.
- Floating Solar: Cumulative floating solar potential exceeds 100 GW.
Other Government Initiatives
- Hydrocarbon Exploration and Licensing Policy (HELP) and Open Acreage Licensing Policy (OALP): Introduced an investor-friendly revenue-sharing model and open acreage licensing.
- Petroleum and Natural Gas Rules, 2025: Introduces a unified 30-year petroleum lease permitting renewable energy integration.
- Deep Ocean Mission: Advances deep-sea exploration, highlighted by the Matsya-6000 human submersible.
- National Data Repository (NDR): Geoscientific data repository for investors.
- National Seismic Programme (NSP): Initiative for baseline seismic surveys of unappraised basins.
