The Indian Cabinet, chaired by Prime Minister Narendra Modi, has approved an offshore oil and gas exploration scheme with an outlay of US$8.81 billion (840.84 billion Indian rupees). The plan, named 'Samudra Manthan', is scheduled for implementation through the 2030-31 financial year.
The program includes large-scale acquisition, processing, and interpretation of seismic data, alongside accelerated deepwater and ultra-deepwater exploratory drilling. It also involves establishing an integrated oil and gas manufacturing and services zone.
Currently, domestic production meets approximately 10 per cent of the country's crude oil requirements.
“If exploration is carried out properly, India can achieve substantial production,”
The government described the plan as a step towards strengthening energy security and accelerating domestic exploration. Petroleum and Natural Gas Minister Hardeep Singh Puri stated that a recent energy crunch provided fresh impetus to expand domestic supplies.
Solar energy expansion
Alongside the offshore scheme, the Indian government approved a US$0.53 billion outlay for developing floating solar photovoltaic projects with energy storage systems. The government targets 102 gigawatts of solar power capacity over the next five years by using installations on reservoirs, canals, and industrial water bodies.
India's current installed solar capacity
India's current installed solar capacity stands at approximately 162 gigawatts. Information and Broadcasting Minister Ashwini Vaishnaw stated that the solar programme aims to prevent 10 million tonnes of CO2 emissions as the country seeks to achieve carbon neutrality by 2070.
