India approves Rs 84,084 crore offshore exploration scheme

The Union Cabinet has approved a major national offshore exploration program, allocating 84,084 crore rupees to accelerate the search for domestic oil and gas reserves. The initiative, named the Samudra Manthan National Offshore Exploration Scheme, was approved on July 31, 2026, and will be implemented through the fiscal year 2030-31 under the Ministry of Petroleum and Natural Gas.

The scheme is designed to address India's growing energy import dependence and strengthen its long-term energy security. Officials noted that India is the world's third-largest crude oil consumer, with an annual import bill of approximately $144 billion. The country's reliance on imported crude has increased from 77 percent to 88 percent over the past decade, while it also imports about half of its natural gas needs. Recent geopolitical tensions have underscored the vulnerability of import-dependent economies, renewing focus on boosting domestic production capacity.

Samudra Manthan represents a shift from policy reform to mission-mode execution, building upon a series of upstream sector reforms implemented over the past decade. These include opening over one million square kilometres of India's...