Cabinet Approves Scheme for Offshore Exploration With Outlay of Rs 84,084 Cr up to FY31

New Delhi: The Cabinet on Friday approved ‘Samudra Manthan’ – the National Offshore Exploration Scheme, with an outlay of Rs 84,084 crore for implementation up to fiscal 2030–31.

The scheme, under the Ministry of Petroleum and Natural Gas, encompasses a comprehensive set of interventions across the offshore exploration value chain.

Information and Broadcasting Minister Ashwini Vaishnaw briefed the media about the decision taken at the Cabinet meeting.

Samudra Manthan is expected to catalyse reserve accretion of over 600 million metric tonnes of oil equivalent (MMTOE), substantially increase offshore exploration activity, promote higher domestic oil and gas production, and generate large-scale employment, among other objectives.

The scheme is also expected to stimulate significant investments across the exploration and production value chain, creating long-term opportunities for industry, innovation and economic growth.

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