India Approves Samudra Manthan Offshore Exploration Scheme

On July 31, 2026, the India — Union Council of Ministers, chaired by Prime Minister Narendra Modi, approved the 'Samudra Manthan' National Offshore Exploration Scheme with an outlay of Rs 84,084 crore (approximately $10 billion) for implementation up to FY 2030-31. The Central Sector Scheme, under the India — Ministry of Petroleum and Natural Gas, aims to accelerate offshore oil and gas exploration in India's Exclusive Economic Zone, strengthen energy security, and reduce import dependence. The scheme covers the entire offshore exploration value chain, including large-scale seismic data acquisition, accelerated deepwater and ultra-deepwater exploratory drilling, scientific drilling in frontier basins, development of common offshore production infrastructure, and establishment of an integrated Oil and Gas Manufacturing and Services Zone. It is projected to catalyze reserve accretion of over 600 million metric tonnes of oil equivalent (MMTOE), add incremental annual production of 10-15 MMTOE with peak potential of 20 MMTOE, generate significant foreign exchange savings, create large-scale employment, and strengthen indigenous manufacturing under Make in India and Atmanirbhar Bharat initiatives. Union Minister Ashwini Vaishnaw described the scheme as a game-changer for India's energy security. The scheme builds on past upstream reforms and includes government support for drilling 60 deepwater/ultra-deepwater wells, open to both public and private operators. The Oil and Natural Gas Corporation has already spudded its first deepwater exploratory well in the Mahanadi basin under this initiative.