National
Offshore Exploration Scheme – Samudra Manthan
Prelims:
Energy, Government Schemes
Mains:
GS Paper III-Infrastructure
Current relevance:
The Union
Cabinet has approved the National
Offshore Exploration Scheme – Samudra Manthan with a total outlay of ₹84,084
crore to boost offshore oil and gas
exploration and strengthen India's domestic energy security.
Highlights:
Objectives:
1.
The scheme aims
to catalyse more than 600
million metric tonnes of oil equivalent (MMTOE) of hydrocarbon reserves.
2.
It seeks to
stimulate investments across the exploration and production value chain,
creating long-term opportunities for industry, innovation and economic growth.
Major
Components of the Scheme:
1.
The scheme
provides for the drilling of 60 deepwater exploration wells, with government support of up to 50% of the eligible drilling cost.
2. The scheme supports offshore seismic data acquisition to
strengthen hydrocarbon exploration activities.
3. It envisages the development of common offshore infrastructure hubs
to facilitate the commercialisation of offshore discoveries.
4. The scheme also promotes the establishment of oil and gas
manufacturing and services zones to encourage domestic manufacturing and
the localisation of critical equipment and services.
Significance:
1.
It aims to strengthen India's domestic
energy security by encouraging exploration in deepwater and offshore
regions.
2. To promote
offshore exploration to overcome the challenges posed by ageing oil and gas
fields.
3. Large-scale
investments in offshore data acquisition and deepwater exploratory drilling are
expected to reduce geological uncertainty, de-risk exploration activities, and
stimulate greater private investment in the offshore exploration sector.
Source: THE HINDU
- https://www.thehindu.com/business/Economy/cabinet-approves-84084-crore-for-offshore-exploration-scheme-samudra-manthan/article71291787.ece