India's Union Cabinet on August 1, 2026, approved the 'Samudra Manthan' scheme, a ₹84,084 crore (about $10 billion) initiative to accelerate offshore oil and gas exploration in the country's sedimentary basins. The scheme, announced by the Ministry of Petroleum and Natural Gas, aims to reduce India's dependence on imported crude oil by tapping into its vast offshore reserves.
According to a government spokesperson, the scheme will cover the first phase up to March 2028, with a focus on acquiring new seismic data and promoting exploration in unexplored areas. The initiative is part of a broader 'whole of government' approach, as highlighted in a recent Cabinet Committee on Security (CCS) meeting chaired by Prime Minister Narendra Modi, which also discussed protecting oil supplies and Indian nationals in West Asia.
The scheme is expected to attract private investment and leverage advanced technologies for deep-water exploration. Officials said that 'Samudra Manthan' aligns with the government's goal of increasing domestic oil and gas production and ensuring energy security.
Industry experts have welcomed the move, noting that it could unlock significant hydrocarbon potential in India's exclusive economic zone. However, they also stressed the need for timely clearances and infrastructure support to realize the scheme's objectives.
