ONGC's board has approved the development of a 1.75 million tonne strategic petroleum reserve at Mangaluru, enhancing India's emergency crude oil storage capacity amidst global turmoil and reliance on imports.
ONGC has approved a 1.75 MMT expansion of the strategic petroleum reserve at Mangaluru, Karnataka. This move significantly enhances India's energy security, adding to existing reserves and increasing total oil storage capacity to approximately seventy-four days, following global supply chain disruptions.
India plans to boost its oil security by building a new strategic petroleum reserve (SPR) facility in Mangaluru, to be developed by ONGC. The project, costing around $1.6 billion, will add 1.75 million metric tonnes to the nation's emergency crude storage capacity.
