Ahmad Adil
31 July 2026•Update: 31 July 2026
India approved an $8.8 billion offshore exploration scheme on Friday, a move described by the government “a landmark step towards strengthening India's energy security, accelerating domestic exploration.”
According to an official statement, a Cabinet meeting chaired by Prime Minister Narendra Modi approved 'Samudra Manthan' -- the national offshore exploration scheme -- with an outlay of 840.84 billion Indian rupees ($8.8 billion) for implementation up to financial year 2030-31.
“The scheme encompasses a comprehensive set of interventions across the offshore exploration value chain,” the statement said.
The scheme provides for “large-scale acquisition, processing and interpretation of high-quality seismic data, accelerated deepwater and ultra-deepwater exploratory drilling … and establishment of an integrated oil and gas manufacturing and services zone.”
“The scheme represents a transformational national initiative that will unlock the country's offshore energy resources, strengthen long-term energy security, deepen technological capabilities, and create enduring value for the economy and future generations,” the readout said.
In another decision, the Cabinet approved a scheme for the development of floating solar photovoltaic projects with energy storage systems with a total outlay of $0.53 billion.
