What is 'Samudra Manthan' project and why is India investing ₹84,000 crore in it?

The government approved 'Samudra Manthan', a National Offshore Exploration Scheme named after ancient Hindu tale of churning of ocean to uncover hidden treasures, with outlay of ₹84,084 crore. The project will fund seismic surveys, deepwater drilling & offshore infrastructure to boost domestic oil and gas production. It's expected to help discover over 600 Million Metric Tons of Oil Equivalent.