Signal India's Cabinet Approves Rs 84,084 Crore 'Samudra Manthan' National Offshore Exploration Scheme

Summary

India's Union Cabinet, chaired by Prime Minister Narendra Modi, approved the 'Samudra Manthan' National Offshore Exploration Scheme on August 1, 2026, with a total outlay of Rs 84,084 crore to be implemented through fiscal year 2030-31. The scheme, administered by the Ministry of Petroleum and Natural Gas, aims to secure 600 million tonnes of oil equivalent in hydrocarbon reserves. It establishes an Oil and Gas Manufacturing and Services Zone for domestic production and funds 3D seismic data acquisition to reduce exploration uncertainty. The scheme responds to India's energy security needs, given that offshore basins including Krishna-Godavari, Cauvery, Mahanadi and Andaman hold roughly 31% of the country's crude oil and natural gas reserves. It complements existing frameworks such as the Hydrocarbon Exploration and Licensing Policy and Open Acreage Licensing Policy, along with the National Seismic Programme for baseline surveys of unappraised basins. The approval came in the same week as a separate Cabinet decision on floating solar energy, reflecting a dual-track energy strategy combining fossil fuel self-reliance with renewable expansion.