Cabinet Approves Samudra Manthan Offshore Exploration Scheme

# Cabinet Approves Samudra Manthan Offshore Exploration Scheme ### Why in News? The Union Cabinet approved the **National Offshore Exploration Scheme, ‘Samudra Manthan’**, with a total outlay of **₹84,084 crore** on July 31, 2026. The scheme will run until **FY 2030-31** and is under the **Ministry of Petroleum and Natural Gas**. ### What does the scheme include? - The scheme allocates **₹43,200 crore** for drilling **60 deepwater exploration wells**. The government will cover up to **50% of eligible drilling costs**, with a maximum subsidy of **₹675 crore per well**. - The goal is to catalyze reserves exceeding **600 million metric tonnes of oil equivalent (MMTOE)**, which would significantly boost India's domestic hydrocarbon production. - **ONGC** has already commenced drilling the first deepwater well in the **Mahanadi basin** under this mission. ### Why is this important for India? - India is the **3rd largest consumer of energy and oil globally**, yet it relies heavily on imports. This scheme is a strategic push to reduce import dependency through **Open Acreage Licensing Policy (OALP)** and enhanced domestic exploration. - **ONGC**, India's largest crude oil and natural gas company, is the key implementing agency. It holds **Maharatna status** and is headquartered in New Delhi. ### Exam Connect **Samudra Manthan** → **Ministry of Petroleum and Natural Gas** **ONGC** → **Maharatna PSU**, established in **1956** **OALP** → Policy to accelerate hydrocarbon exploration in India