The Indian government has launched the ₹84,084 crore Samudra Manthan Programme to boost deepwater offshore exploration and reduce the country's heavy reliance on crude oil imports. According to reports from The Financial Express, India currently meets nearly 90% of its crude oil requirements through imports worth ₹13 lakh crore, making the economy highly vulnerable to oil price volatility. The programme, approved by the Union Cabinet on July 31, 2026, is designed until FY 2030-31 and comprises ₹55,200 crore for offshore exploration, infrastructure-led production, and monitoring activities, along with ₹350 crore for support activities. The government estimates that India's eastern and western offshore basins hold over 5,600 million metric tonnes of hydrocarbon potential, with the scheme targeting reserve accretion of over 600 million metric tonnes of oil equivalent through large-scale seismic acquisition, accelerated deepwater drilling, and scientific drilling in frontier basins.
Jindal Drilling & Industries is positioned as a key beneficiary of the deep-sea policy due to its exclusive focus on Indian offshore waters. As reported by The Financial Express, the company operates exclusively in Indian offshore conditions, primarily serving state-owned oil companies with ONGC accounting for 99.8% of total revenue. The company manages a fleet of 6 offshore jack-up rigs, 8 directional drilling sets, and 6 mud logging sets designed specifically for Indian offshore conditions. In FY26, the company reported revenue growth of 20.4% to ₹997 crore with operating profit surging 44.8% to ₹349 crore and margins expanding by 600 basis points to 35%.
Engineers India is well-positioned to benefit from the policy shift toward high-margin consultancy services. According to The Financial Express, the company has successfully completed 248 offshore projects since 1972 and has shifted its business model from turnkey execution to core consultancy services. Consultancy revenue grew to ₹1,782 crore in FY26 from ₹1,678.8 crore in FY25. The company's order book of ₹15,109 crore provides revenue visibility of over 3 years as of March 2026, with recent project wins including the offshore crew change facility at Santacruz, Mumbai worth ₹95 crore.
ONGC is the primary beneficiary of the programme, with the government funding and reimbursing major portions of exploratory costs. As reported by The Financial Express, ONGC commenced its first deepwater exploratory well under the programme on July 25, 2026, with results expected in September. The company plans to drill 150 deepwater wells over seven years and has been awarded 15 contract areas in Round-IX consisting of 7 ultra-deepwater blocks, 5 shallow-water blocks, and 3 onshore blocks. In Q1FY27, ONGC reported revenue growth of 45% to ₹46,460 crore with net profit increasing 112% to ₹17,034 crore.
