New Delhi, Aug. 1 -- The Union Cabinet, chaired by Prime Minister Narendra Modi on Friday, approved "Samudra Manthan", the National Offshore Exploration Scheme, a Central Sector Scheme of the Ministry of Petroleum & Natural Gas carrying an approved outlay of Rs 84,084 crore for implementation through FY 2030-31.

According to an official statement by the Ministry of Petroleum & Natural Gas, India is the world's third-largest consumer of crude oil, with an annual import bill of nearly USD 144 billion (approximately Rs 13 lakh crore). As recent geopolitical developments have demonstrated, secure and uninterrupted access to energy resources is of strategic importance for a rapidly growing economy.

Since 2014, the Government has undertaken a...