India's cabinet approved the 840.8 billion rupees national offshore exploration scheme to accelerate oil and gas exploration and production through fiscal 2030-31, according to a government statement on July 31.

The program includes seismic surveys, deepwater and ultra-deepwater drilling, scientific exploration in frontier basins, common offshore production infrastructure, and the development of an integrated oil and gas manufacturing and services zone.

The government said the scheme is expected to add more than 600 million metric tons of oil equivalent in reserves, boost domestic oil and gas output, attract investment across the exploration value chain, and strengthen India's energy security.