Quote on Samudra Manthan by Prashant Vashisht , Senior Vice President and Co Group Head , ICRA Ltd
Below the Quote on Samudra Manthan by Prashant Vashisht, Senior Vice President, and Co-Group Head Corporate Sector Ratings, ICRA Ltd
"The approval of the “Samudra Manthan” (National Offshore Exploration Scheme) with an outlay of Rs.84,084 crore is positive for the Upstream sector. The scheme provides funds for offshore seismic data acquisition especially in erstwhile No-Go zones, which is a key issue hampering commercial exploitation of oil and gas reserves in these areas due to lack of good prospectivity data. Additionally, the scheme provides support for drilling deepwater/ultra-deepwater wells where the domestic Upstream sector has limited experience and technical expertise and exploitation of the same remains highly capital intensive and risky. The scheme aims to add incremental annual production of 10-15 million tonne of oil equivalent which would reduce the dependence on imports of oil and gas but only to the extent of 3-5%."
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