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The scheme will be implemented through FY2030-31 with an aim to harness India's vast offshore energy resources - in what the government has termed as a modern day Samudra Manthan.
It encompasses a comprehensive set of interventions across the offshore exploration value chain.
“Samudra Manthan” is expected to catalyse reserve accretion of over 600 MMT of oil equivalent (MMToE), substantially increase offshore exploration activity.
The rocks that hold oil, the one-in-four odds of striking it, and the cost of a deepwater well: a guide to what Samudra Manthan is taking on
The Samudra Manthan – National Offshore Exploration Scheme aims to unlock India’s offshore oil and gas potential. This will be done through large-scale seismic surveys, deepwater exploration, scientific drilling.
The Samudra Manthan scheme aims at boosting India’s deepwater hydrocarbon exploration and energy security with an ₹84,084 crore investment
India is funding half the cost of deepwater oil and gas exploration wells. This new scheme aims to reduce reliance on imported energy supplies. The government will support sixty exploration wells over the next five years. This initiative encourages companies to explore previously avoided offshore areas. Shared infrastructure will also lower development costs for new discoveries.