The Union Cabinet on Friday approved the petroleum and natural gas ministry's ambitious Samudra Manthan scheme, officially the National Offshore Exploration Scheme, with an outlay of Rs 84,084 crore aimed at accelerating deepwater oil and gas exploration and attracting global energy companies to India's offshore basins.
The scheme is designed to reduce the financial risk associated with deepwater and ultra-deepwater exploration, which typically involves high capital costs and geological uncertainty.
