Samudra Manthan scheme to help India save Rs 1 lakh crore annually on energy imports, says Petroleum Minister Puri

Speaking to reporters in Siddharthnagar, Uttar Pradesh, Puri said India currently spends about USD 150 billion every year on crude oil and natural gas imports, underscoring the need to boost domestic exploration and production.

"Our economy is moving rapidly. Our energy consumption is three times more than the global average. Still, we are importing crude oil and natural gas... So, our import bill right now is about USD 150 billion... Now, with this project, in the time to come, we will be able to save Rs 1 lakh crore per year," the minister said.

Calling the initiative a "revolutionary decision", Puri expressed confidence that the scheme would strengthen India's energy security and help the country move towards self-reliance in the sector.

"I am absolutely confident that in the time to come, we will be 'aatmanirbhar' even in energy and Indians will benefit," he said.

The minister's remarks come a day after the Union Cabinet approved the Rs 84,084 crore Samudra Manthan - National Offshore Exploration Scheme to accelerate exploration and production of oil and natural gas in India's offshore areas.

According to the Petroleum Ministry, the scheme aims to significantly expand exploration in offshore sedimentary basins through large-scale seismic surveys, deepwater and ultra-deepwater drilling, and supporting infrastructure. The government expects the initiative to strengthen India's long-term energy security by increasing domestic production and reducing reliance on imported hydrocarbons.

Puri also said the scheme would be implemented over the next four years, during which data acquisition, deepwater drilling and infrastructure creation would be undertaken to unlock India's offshore hydrocarbon potential. (ANI)