‘Samudra Manthan’: Cabinet approves Rs 84,084 cr scheme for oil & gas exploration
The Indian government has approved the 'Samudra Manthan' scheme, an 84,084 crore initiative aimed at boosting domestic oil and gas exploration. The project seeks to increase energy security by reducing reliance on imports amid global supply chain risks.
Why it matters
This is a major infrastructure and energy policy move intended to insulate India's economy from geopolitical volatility in the Middle East.
Samudra Manthan scheme: Amid the ongoing Middle East crisis, India has announced a Rs 84,084 crore scheme for oil and gas exploration. PM Narendra Modi-led Union Cabinet approved the 'Samudra Manthan' National Offshore Exploration Scheme under the Ministry of Petroleum & Natural Gas.The scheme will be implemented through FY2030-31 with an aim to harness India's vast offshore energy resources - in what the government has termed as a modern day Samudra Manthan.Samudra Manthan is projected to help add more than 600 million metric tons of oil Equivalent (MMTOE) to India's reserves while significantly expanding offshore exploration activity and increasing domestic oil and gas production.India imports nearly 90% of its oil needs and with global energy security at risk with potential blockades of Strait of Hormuz, Red Sea and Black Sea routes, India is looking secure its oil and gas supply.
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