New Delhi, July 31 -- The Union Cabinet on Friday approved the 'Samudra Manthan' National Offshore Exploration Scheme with an outlay of Rs 84,084 crore till 2030-31 to boost domestic oil and gas production, strengthen India's energy security and reduce dependence on imports.

Announcing the decision after the Cabinet meeting, Union Minister Ashwini Vaishnaw described the initiative as "a very ambitious programme of Rs 84,000 crore" aimed at unlocking India's offshore hydrocarbon potential.

"Our Exclusive Economic Zone... has a lot of hydrocarbons, gas and oil. If its exploration is done properly, then we can do a lot of production in India. Keeping this in mind, a very comprehensive programme has been made, which is called Samudra Mantha...