Samudra Manthan scheme to help India save Rs 1 lakh crore annually on energy imports, says Petroleum Minister Puri
Siddharthnagar, August 1
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday said the recently approved Samudra Manthan scheme could help India save around Rs 1 lakh crore annually by reducing dependence on imported crude oil and natural gas, describing the Cabinet decision as a "revolutionary" step towards India's energy self-reliance.
Speaking to reporters in Siddharthnagar, Uttar Pradesh, Puri said India currently spends about USD 150 billion every year on crude oil and natural gas imports, underscoring the need to boost domestic exploration and production.
"Our economy is moving rapidly. Our energy consumption is three times more than the global average. Still, we are importing crude oil and natural gas... So, our import bill right now is about USD 150 billion... Now, with this project, in the time to come, we will be able to save Rs 1 lakh crore per year," the minister said.
Calling the initiative a "revolutionary decision", Puri expressed confidence that the scheme would strengthen India's energy security and help the country move towards self-reliance in the sector.
"I am absolutely confident that in the time to come, we will be 'aatmanirbhar' even in energy and Indians will benefit," he said.
The minister's remarks come a day after the Union Cabinet approved the Rs 84,084 crore Samudra Manthan - National Offshore Exploration Scheme to accelerate exploration and production of oil and natural gas in India's offshore areas.
According to the Petroleum Ministry, the scheme aims to significantly expand exploration in offshore sedimentary basins through large-scale seismic surveys, deepwater and ultra-deepwater drilling, and supporting infrastructure. The government expects the initiative to strengthen India's long-term energy security by increasing domestic production and reducing reliance on imported hydrocarbons.
Puri also said the scheme would be implemented over the next four years, during which data acquisition, deepwater drilling and infrastructure creation would be undertaken to unlock India's offshore hydrocarbon potential.
— ANI
Reader Comments
This is a solid step towards energy independence. India has been vulnerable to global oil price shocks for too long. The focus on deepwater exploration is exactly what we need, though I hope there are proper environmental safeguards in place.
Rs 84,084 crore is a big investment, but if it really helps us save Rs 1 lakh crore per year, it's worth it. The minister says our energy consumption is 3 times the global average - that's a bit concerning too. We should also focus on conservation and renewables alongside this.
Good initiative, but I hope the benefits actually reach the common man. Too often we hear big announcements but the ground reality doesn't change. Also, what about the impact on fishing communities near offshore sites? Need to address that too.
This is what Aatmanirbhar Bharat is all about! 🇮🇳 We have been relying on imported oil for too long, and it hurts our foreign exchange reserves. With this scheme, we're finally tapping into our own offshore resources. The 4-year timeline seems ambitious but doable.
Interesting to see the government prioritizing offshore exploration. But saving Rs 1 lakh crore is a long-term projection - we need to ensure the investment in Rs 84,084 crore is well-spent and not wasted in delays or cost overruns. Transparency will be key.
M We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.