ONGC Greenlights Major Boost to India's Strategic Oil Reserves

State-owned energy giant ONGC has approved a 1.75-million-tonne expansion of India’s strategic crude oil reserves in Mangaluru, Karnataka. Announced via a regulatory filing, the project comes amid heightened government focus on energy security following supply risks from the Iran conflict. While project costs and timelines were not disclosed, the new facility will integrate with the emergency stockpiles managed by Indian Strategic Petroleum Reserves Ltd. (ISPRL). This addition will further boost India’s current 5.33-million-tonne underground storage capacity, which is already set to grow via two other facilities currently under construction.

News by Rahul Yelligetti.