The Union Cabinet has approved Samudra Manthan, the National Offshore Exploration Scheme, with an outlay of Rs 84,084 crore up to 2030-31. The scheme aims to expand deep-sea oil and gas exploration and cut India’s dependence on imported crude.

The central sector scheme of the Petroleum Ministry was cleared at a Cabinet meeting chaired by Prime Minister Narendra Modi on July 31. It follows the Prime Minister’s 2025 Independence Day call for a modern-day churning of the seas to unlock offshore energy.

India is the world’s third-largest crude oil consumer, with an annual import bill of about USD 144 billion. Its offshore basins, extending to depths of 3,000 metres, are estimated to hold over 5,600 million tonnes of oil equivalent in potential reserves.

The scheme will fund large seismic surveys, deepwater exploratory drilling and shared offshore infrastructure. It offers support of up to 50 per cent of drilling costs, or Rs 675 crore per well, for 60 deepwater wells. The government expects reserve additions of over 600 million tonnes of oil equivalent.