The Scheme encompasses a comprehensive set of interventions across the offshore exploration value chain, according to an official statement.
It provides for large-scale acquisition, processing and interpretation of high-quality seismic data, accelerated deepwater and ultra-deepwater exploratory drilling, scientific drilling in frontier basins, development of common offshore production and evacuation infrastructure, and establishment of an integrated Oil & Gas Manufacturing and Services Zone, it added.
The scheme also includes dedicated provisions for digital programme management, capacity building, technology adoption, stakeholder engagement and international outreach, creating an integrated ecosystem to accelerate offshore exploration and production in the country.
Samudra Manthan is expected to catalyse reserve accretion of over 600 Million Metric Tons of Oil Equivalentv(MMTOE), substantially increase offshore exploration activity, promote higher domestic oil and gas production, generate large-scale employment, strengthen indigenous manufacturing under Make in India and Atmanirbhar Bharat, and foster a globally competitive ecosystem for offshore technologies and services. T
The Scheme is also expected to stimulate significant investments across the exploration and production value chain, creating long-term opportunities for industry, innovation and economic growth.
As India progresses towards becoming a developed nation, Samudra Manthan represents a transformational national initiative that will unlock the country’s offshore energy resources, strengthen long-term energy security, deepen technological capabilities, and create enduring value for the economy and future generations.
Over the past decade, the Government has undertaken transformative reforms across the upstream sector, including opening almost the entire offshore acreage for exploration, modernising the legislative and contractual framework, and strengthening the National Data Repository. Building on these reforms, Samudra Manthan will usher in a new era of accelerated offshore exploration through strategic public investment, cutting-edge technologies and world-class infrastructure, the statement said.
The Union Cabinet also approved the ‘Pradhan Mantri Surya Sarovar Yojana (PM-SSY)’, a Scheme for the development of Floating Solar Photovoltaic (FSPV) Projects with Energy Storage Systems (ESS) with a total outlay of Rs.5,070 crore.
The scheme envisages the development of 5,000 MW of Floating Solar Photovoltaic projects with co-located Energy Storage Systems having a minimum storage capacity of two hours i.e.,10,000 MWh. The projects will be sanctioned during FY 2026-27 to FY 2030-31, with disbursement of financial support continuing up to FY 2032-33.
The National Institute of Solar Energy (NISE) has estimated a floating solar potential of approximately 102.18 GWp across reservoirs and other suitable inland water bodies in the country.
Under the scheme, Central Financial Assistance (CFA) of Rs. One crore per MW will be provided for eligible Floating Solar Photovoltaic projects after successful commissioning. In addition, CFA of up to Rs.50 lakh per project will be available for undertaking feasibility studies, including bathymetry and hydrography assessments, environmental studies, and other preparatory activities required for de-risking the project development.
The scheme would enhance the floating Solar PV capacity in the country by 5,000 MW, which is presently around 700 MW only.
These projects would provide an opportunity to gainfully utilize existing reservoirs & industrial ponds, and eliminate competition for scarce land resources. The integration of an energy storage system will help strengthen grid reliability. The scheme would help in the reduction of around 10 million tonnes of CO₂ emissions annually, the government said.
It would help in the generation of approximately 16,000–17,000 full-time equivalent employment opportunities across the project value chain. The scheme would also promote domestic manufacturing of floatation systems as well as the entire value chain of the projects, like PV cells, modules, energy storage systems, etc., and support the vision of Aatmanirbhar Bharat, it said.
