Samudra Manthan: India prepares year-wise drilling, rig deployment roadmap
Leveraging the funding boost, the Ministry eyes higher oil and gas production in the Deep and Ultra Deep waters.
The Indian government is developing a detailed year-wise road map for executing the ambitious $8.8 billion Samudra Manthan, or the National Offshore Exploration Scheme. The Ministry aims to boost oil and gas production in deep and ultra-deep waters by leveraging the increased funding. Oil Minister Hardeep Singh Puri convened top officials and PSU executives recently to review the scheme's progress.
The strategy involves drilling, seismic surveys, and rig deployment across the KG, Mahanadi, Andaman, and Cauvery basins. State-run exploration and production majors ONGC and Oil India will spearhead the scheme, supported by a dedicated ONGC-led joint venture for drillship capacity. With a ₹84,000 crore government fund, the scheme is seen as a lucrative opportunity, especially for ONGC, which anticipates oil prices settling at $75 per barrel long-term.
The initiative seeks to add 10-15 million tonnes of oil equivalent annually, reducing India's crude oil and natural gas import dependence. The scheme also includes measures like large-scale acquisition of seismic data, development of offshore production and evacuation infrastructure, and digital program management.
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