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Vekuva’s reading of The New Indian Express’s report
Govt to support deepwater oil exploration under Rs 84,084 crore scheme
By Rakesh Kumar||2 min read at The New Indian Express
In brief
The Government of India will spend Rs 43,200 crore to support drilling 60 wells under the Rs 84,084 crore Samudra Manthan scheme, running until FY 2030-31.
The scheme provides financial support of up to 50% of eligible drilling costs, subject to a ceiling of Rs 675 crore per well, to reduce financial risk for companies exploring offshore areas.
This is an AI-estimated analysis and may not reflect the article's actual intent or the publisher's editorial position.
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The government will spend Rs43,200 crore to support drilling 60 wells in deepwater and ultra-deepwater areas under the Rs84,084-crore Samudra Manthan scheme, aimed at boosting domestic oil and gas exploration and reducing India's dependence on imports.
The Ministry of Petroleum and Natural Gas has issued operational guidelines for the scheme, which will run until FY2030-31. FY2026-27 will be the preparatory year, followed by the first phase of spending from FY2027-28 to FY2030-31.
That is the opening of The New Indian Express’s story. The full report is on their site.
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