Overview
- The Union Cabinet approved the National Offshore Exploration Scheme, Samudra Manthan, with a Phase‑I outlay of about Rs 84,084 crore through FY2030‑31 that the government says will be used to accelerate offshore work.
- Prime Minister Narendra Modi told the nation in his Independence Day address on Saturday, August 15 that nearly 99% of previously designated 'no‑go' coastal waters have been opened as 'go‑ahead' areas for exploration.
- Samudra Manthan will begin with large‑scale seismic data acquisition to map the seabed and then move to deepwater and ultra‑deepwater drilling, scientific wells, common offshore infrastructure and an integrated oil and gas services zone.
- No commercial discoveries or production have been reported so far and the government’s estimates of roughly 5,600 MMTOE of offshore hydrocarbon potential remain prospective because deep‑sea exploration faces steep technical, financial and timeline risks.
- If successful, the programme could shrink India’s heavy crude import bill, support coastal jobs and industry and feed into a broader blue‑green growth push that links offshore energy with ocean technology, renewables and critical‑minerals plans.