Why in News?
The Union Cabinet has approved 'Samudra Manthan' – National Offshore Exploration Scheme. This is a Central Sector Scheme of the Ministry of Petroleum & Natural Gas.
Importance
- The scheme strengthens India's energy security by increasing domestic oil and gas production.
- It will reduce dependence on imported crude oil and promote Atmanirbhar Bharat.
- It also promotes deepwater and ultra-deepwater exploration to unlock India's untapped hydrocarbon potential.
- Along with this, it encourages private investment through a risk-sharing mechanism and promotes domestic manufacturing in the oil and gas sector.
Key Highlights
- Mission Objective: To speed up offshore hydrocarbon exploration and production through one integrated national programme.
- Scheme Outlay: A total outlay of ₹84,084 crore has been approved till 31 March 2031.
There are four major components:
- Offshore Data Acquisition: ₹28,534 crore for 2D and 3D seismic surveys, data re-processing and AI-based tools.
- Deepwater Exploration: ₹43,200 crore for drilling 60 deepwater exploration wells. The government will give support of up to 50% of the eligible drilling cost or ₹675 crore per well, whichever is lower.
- Common Offshore Infrastructure: ₹10,000 crore to build shared infrastructure for commercialisation of discoveries.
- Oil and Gas Manufacturing and Services Zones: ₹2,000 crore to promote domestic manufacturing and localisation of critical equipment and services.
Static Fact
It is a Central Sector Scheme, implemented by the Ministry of Petroleum & Natural Gas.
About Offshore Exploration
- Offshore exploration means searching for oil and natural gas beneath the seabed in oceans and coastal waters.
- It includes geological surveys, seismic surveys, exploratory drilling and resource assessment to find hydrocarbon reserves.
- It is a high-cost and high-risk activity, and commercial production usually starts 5–10 years after an exploration block is given out.
- In India, the major offshore hydrocarbon basins are Krishna-Godavari, Mumbai Offshore, Cauvery, Mahanadi and Andaman.
