New Delhi: In a major move to enhance India's energy security, the Union Cabinet has approved the 'Samudra Manthan' National Offshore Exploration Scheme with an estimated outlay of ₹84,084 crore. The initiative aims to accelerate offshore exploration for oil and natural gas, particularly in deepwater areas, and reduce the country's dependence on imported energy.
India currently imports nearly 85% of its crude oil and around 50% of its natural gas requirements. With geopolitical tensions in West Asia continuing to create uncertainty in global energy markets, the government is focusing on expanding domestic hydrocarbon production to improve long-term energy security.
Under the scheme, advanced seismic surveys, geological studies and high-risk deepwater drilling will be undertaken across India's offshore sedimentary basins. The programme is expected to improve the chances of discovering new hydrocarbon reserves and encourage greater participation from domestic as well as international energy companies.
Industry experts believe recent encouraging exploration results in offshore regions, including the Andaman basin, indicate significant untapped potential. If commercially viable reserves are developed, the initiative could reduce India's import bill, strengthen energy self-reliance, attract investment, create employment and support sustainable growth in the country's energy sector.
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