New Delhi, August 1, 2026 (Yes Punjab News)
The Petroleum Ministry on Saturday said the newly approved ‘Samudra Manthan’ National Offshore Exploration Scheme will play a key role in strengthening India’s energy security by boosting domestic offshore oil and gas exploration and reducing the country’s long-term dependence on energy imports.
The ministry said the initiative aims to build a comprehensive offshore exploration ecosystem through improved geological data, risk-sharing mechanisms, common infrastructure and enhanced domestic manufacturing capabilities. These measures are expected to strengthen India’s deepwater exploration and production capacity while improving long-term energy resilience.
India is currently the world’s third-largest consumer of crude oil, with an annual import bill of nearly $144 billion (around ₹13 lakh crore). The ministry noted that recent geopolitical developments have underscored the strategic importance of securing reliable energy supplies for a rapidly expanding economy.
With domestic energy demand projected to rise steadily in the coming decades, increasing indigenous oil and gas production has become critical for reducing import dependence and supporting sustainable economic growth.
The Union Cabinet on Friday approved the ‘Samudra Manthan’ scheme with a financial outlay of ₹84,084 crore to be implemented through FY 2030-31. Describing it as India’s most ambitious offshore exploration initiative to date, the ministry said the programme builds on a series of structural reforms introduced under the leadership of Prime Minister Narendra Modi to revitalise the hydrocarbon exploration and production sector.
Among the key reforms highlighted by the ministry is the opening of more than one million square kilometres of India’s Exclusive Economic Zone for exploration after removing over 99 per cent of the earlier “No-Go” areas.
The government has also shifted from the Production Sharing Contract regime to Revenue Sharing Contracts, simplified the fiscal framework, strengthened regulatory transparency and modernised the legal architecture through the Oilfields (Regulation and Development) Amendment Act, 2025 and the Petroleum and Natural Gas Rules, 2025.
Additionally, the ministry said performance benchmarks for ONGC and Oil India have been realigned to prioritise exploration activities, reinforcing the government’s commitment to expanding India’s domestic hydrocarbon resource base and advancing the vision of Atmanirbhar Bharat.
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