India Launches $8.8 Billion Samudra Manthan Offshore Oil and Gas Exploration Scheme
The Indian government has approved the National Offshore Exploration Scheme, named Samudra Manthan, with a total budget of Rs840.84 billion ($8.83 billion) allocated through fiscal year 2030–31. The initiative aims to boost domestic oil and gas exploration in offshore regions such as Krishna-Godavari, Cauvery, Mahanadi, and Andaman basins. It is expected to reduce India's reliance on imported crude by increasing production from current levels of 454.46 million barrels of oil equivalent (mboe) annually to 586.40 mboe. The scheme includes financial support covering up to 50% of deepwater drilling costs, with a focus on de-risking exploration for private and state-owned companies. It is structured around four components: seismic data acquisition ($285 million), drilling 60 wells (Rs432 billion budgeted), building offshore infrastructure hubs (Rs100 billion allocated), and establishing manufacturing/service zones (Rs20 billion). The government estimates the initiative could reduce India's annual crude import bill by approximately Rs1 trillion. The move follows a decade of policy reforms, including legislative changes like the Oilfields (Regulation and Development) Amendment Act 2025. It also aligns with recent partnerships such as ONGC’s technical services agreement with BP for exploration in India's Western Offshore Basin.
Topics: economic policy infrastructure development oil and gas