The Government of India has approved the National Marine Exploration Scheme named 'Samudra Mantran'. This scheme will be implemented by the Ministry of Petroleum and Natural Gas with a total budget of 84,084 crore rupees until 2030-2031.
The objective of this initiative is to unlock the vast potential of India's marine energy resources. The scheme provides for the acquisition, processing, and interpretation of seismic data, accelerated exploratory drilling in deepwater and ultra-deepwater areas, scientific drilling in new basins, creation of common infrastructure for production and export, and formation of an integrated production and service zone in the oil and gas industry.
The government stated that this decision marks an important step towards strengthening India's energy security, accelerating domestic exploration and production, promoting technological leadership, and realizing the Viksit Bharat concept.
Furthermore, the scheme includes special provisions for managing digital programs, capacity building, technology adoption, stakeholder engagement, and international cooperation, forming a comprehensive ecosystem to accelerate marine exploration and production in the country.
'Samudra Mantran' is expected to act as a catalyst for accumulating reserves of over 600 million tonnes of oil equivalent (MMTOE), increase activity in the marine exploration sector, support domestic oil and gas production, create jobs, strengthen domestic manufacturing, and contribute to the development of the marine technology and services ecosystem.
It is also anticipated that this scheme will stimulate significant investments across the entire exploration and production value chain, opening long-term opportunities for industry, innovation, and economic growth.
Experts noted that the scheme underscores the government's commitment to strengthening the Exploration and Production (E&P) sector, as its terms can reduce geological uncertainty, minimize exploration risks, and lay the foundation for future discoveries.
Rajnish Gupta, Partner at EY India's Tax and Economic Policy group, noted that positive outcomes could trigger an increase in private investment in the sector. He emphasized the importance of focusing on common infrastructure for production and export, as this enhances project viability and creates value by reducing discovery costs that might otherwise be considered marginal. This, in turn, supports India's efforts to reduce import dependence while building a more resilient energy system.
The government has previously undertaken several reforms in the raw material production sector, including opening almost the entire marine area for exploration, modernizing the legislative and contractual framework, and strengthening the National Data Repository.
