'Samudra Manthan' to foster industry collaboration, boost energy security: Pranav Adani
New Delhi, Aug 1
The Centre's newly approved 'Samudra Manthan' scheme will unlock India's vast offshore energy potential, accelerate domestic oil and gas exploration and strengthen the country's long-term energy security, Adani Enterprises Director Pranav Adani said on Saturday.
The initiative marks a landmark step towards expanding India's offshore exploration capabilities, according to him.
He further noted that the scheme will accelerate domestic exploration and production, foster greater collaboration across the industry and strengthen the foundations of an energy-secure Viksit Bharat.
"India's energy exploration landscape is entering an era of unprecedented scale. Guided by Prime Minister Narendra Modi's visionary leadership for India's energy security, the Union Cabinet's approval of the Samudra Manthan scheme marks a landmark step towards unlocking our vast offshore energy potential," he said in a post on social media platform X.
The Union Cabinet -- chaired by Prime Minister Narendra Modi -- has approved the 'Samudra Manthan' National Offshore Exploration Scheme with an outlay of Rs 84,084 crore for implementation through FY31 to accelerate offshore oil and gas exploration and strengthen the country's energy security.
Earlier in the day, the Petroleum Ministry also said the scheme is expected to help India reduce its long-term dependence on crude oil and natural gas imports by creating a robust offshore exploration ecosystem supported by better geological data, risk-sharing mechanisms, common infrastructure and stronger domestic manufacturing capabilities.
India is currently the world's third-largest consumer of crude oil and spends nearly $144 billion (around Rs 13 lakh crore) annually on oil imports.
The ministry said strengthening domestic exploration and production is critical to improving energy resilience and meeting the country's rising energy demand.
Moreover, the government has expected that the scheme to catalyse reserve accretion of over 600 million metric tonnes of oil equivalent (MMTOE), attract fresh investments across the exploration and production value chain, generate employment and promote indigenous manufacturing under the 'Make in India' and 'Atmanirbhar Bharat' initiatives.
— IANS
Reader Comments
Rs 84,084 crore is a massive investment! With better geological data and risk-sharing, this could attract global players too. The focus on 'Make in India' for manufacturing is the right approach. Energy security = national security. 💪
Interesting to see the Adani group being so enthusiastic about this. The scheme sounds promising for job creation and reducing import dependency. But we must also ensure environmental safeguards are in place for our coastal ecosystems. Balance is key.
As someone who follows global energy markets, this is a smart strategic move. India's energy demand is only going to grow. Diversifying sources and investing in domestic exploration reduces vulnerability to geopolitical shocks. Well-planned initiative.
Good to see this kind of investment in our energy future. 600 MMTOE reserve accretion target is ambitious, hope the execution is transparent and efficient. Also looking forward to the employment opportunities this will create for our youth. 👏
While I support the intention behind reducing import dependence, I hope this doesn't end up being another corporate-friendly subsidy scheme. We need proper oversight and community involvement. The 'Samudra Manthan' name is great though - let's ensure it's not just mythological hype.
D Deepak U Major step for At We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.