Cabinet Approves Rs 84,084 Cr 'Samudra Manthan' Scheme for Offshore Oil & Gas Exploration
UPSC / SSC current affairs note · Economy
Why in news
The Union Cabinet, led by PM Modi, approved the 'Samudra Manthan' National Offshore Exploration Scheme worth Rs 84,084 crore to boost domestic oil and gas production. This comes amid Middle East tensions and risks to global energy routes, as India imports nearly 90% of its oil needs.
Background
India has been seeking to reduce its dependence on oil imports and enhance energy security. The scheme is named after the mythological churning of the ocean, symbolizing a modern effort to harness offshore energy resources.
Key facts
The scheme is under the Ministry of Petroleum & Natural Gas and will be implemented through FY2030-31.
It aims to add more than 600 million metric tons of oil equivalent (MMTOE) to India's reserves.
The scheme has two components: Seismic Data Acquisition, Processing & Interpretation, and Offshore Exploration Acceleration, Common Infrastructure & Manufacturing Support.
It covers the entire offshore exploration value chain, including seismic data acquisition, deepwater drilling, scientific drilling in frontier basins, and shared infrastructure development.
It includes creation of an integrated Oil & Gas Manufacturing and Services Zone.
The scheme is expected to create large-scale employment and strengthen indigenous manufacturing under Make in India and Atmanirbhar Bharat initiatives.
It aims to attract substantial investments across the exploration and production value chain.
India imports nearly 90% of its oil needs, and the scheme is a response to global energy security risks like potential blockades of Strait of Hormuz, Red Sea, and Black Sea routes.
Prelims pointers
- Scheme: 'Samudra Manthan' National Offshore Exploration Scheme
- Ministry: Ministry of Petroleum & Natural Gas
- Approved by: Union Cabinet
- Total outlay: Rs 84,084 crore
- Implementation period: Through FY2030-31
- Target: Add 600+ MMTOE to reserves
- Related initiatives: Make in India, Atmanirbhar Bharat
Mains angles
- Discuss the significance of 'Samudra Manthan' scheme in enhancing India's energy security.
- Critically examine the challenges in offshore oil and gas exploration in India and how this scheme addresses them.
- Analyze the role of government schemes in promoting indigenous manufacturing and reducing import dependence in the energy sector.