Cabinet approves 'Samudra Manthan' - National Offshore Exploration Scheme with an outlay of ₹84,084 crore

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the ‘Samudra Manthan’ National Offshore Exploration Scheme as a Central Sector Scheme of the Ministry of Petroleum & Natural Gas with a Phase‑I outlay of ₹84,084 crore for implementation up to FY 2030‑31. The scheme aims to de‑risk offshore drilling by providing up to 50 % financial support for deep‑water wells, acquire modern seismic data (₹28,534 crore), drill 60 wells (₹43,200 crore), develop common offshore infrastructure (₹10,000 crore) and set up Oil & Gas Manufacturing and Services Zones (₹2,000 crore). It targets raising domestic oil‑gas production from about 62 MMTOE to 80 MMTOE annually and cutting crude‑oil imports by roughly ₹1 lakh crore per year, thereby enhancing energy security.