India Approves Rs 84,084 Crore Samudra Manthan Offshore Scheme

The Union Cabinet of India, chaired by Prime Minister Narendra Modi, approved the Samudra Manthan National Offshore Exploration Scheme on August 1, 2026. Managed by the Ministry of Petroleum & Natural Gas, the Central Sector Scheme allocates Rs 84,084 crore for Phase-I implementation through fiscal year 2030-31.

The program aims to strengthen energy security by increasing domestic production from 62 to 80 million metric tonnes of oil equivalent, a move intended to reduce annual crude oil imports by nearly Rs 1 lakh crore. This initiative follows the Oilfields (Regulation and Development) Amendment Act of 2025 and structural reforms that reoriented the performance parameters of state-owned firms, including the Oil and Natural Gas Corporation and Oil India Limited, to prioritize exploration.

Funding is distributed across four primary objectives: Rs 43,200 crore for drilling 60 deepwater exploration wells, Rs 28,534 crore for acquiring modern offshore seismic data, Rs 10,000 crore for developing common offshore infrastructure hubs, and Rs 2,000 crore for establishing Oil and Gas Manufacturing and Services Zones.