The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved 'Samudra Manthan' — the National Offshore Exploration Scheme — with an outlay of Rs 84,084 crore for implementation through FY 2030-31.
The scheme, run by the Ministry of Petroleum & Natural Gas, will provide financial support of up to 50 percent of the cost of drilling deepwater exploration wells, reducing the risk of offshore exploration and aiming to encourage greater private investment in the sector.
Officials have framed the scheme as delivering on a vision Modi first articulated from the Red Fort on Independence Day 2025, describing it as a modern-day 'Samudra Manthan' — a churning of the ocean — to unlock India's offshore energy potential.
The government projects the scheme could help add more than 600 million metric tons of oil equivalent in reserves over time, while also boosting domestic manufacturing under the Make in India and Atmanirbhar Bharat programmes and building out India's offshore technology and services industry.