ONGC to undertake 1.75 MMT strategic oil reserve expansion at Mangaluru
The expansion would add 1.75 MMT of storage and is part of a wider push to strengthen India’s energy security, ONGC said.
- On Thursday, the Oil and Natural Gas Corporation approved a 1.75 million metric tonne strategic petroleum reserve expansion at Mangaluru, Karnataka, marking the explorer's first time funding such a facility.
- Last month, India's government authorized the $1.6 billion project to address supply shortages, as consumption growth has recently exceeded China's amid rising energy demand.
- Currently, India holds 5.33 MMT of strategic crude across underground caverns in Visakhapatnam, Mangaluru, and Padur, managed by Indian Strategic Petroleum Reserves Ltd to cover about 9.5 days of national demand.
- New Delhi plans two additional facilities with 4 million and 2.5 million ton capacities, while Prime Minister Modi secured commitments from Abu Dhabi National Oil to increase crude storage in India to 30 million barrels.
- Rising tensions near the Strait of Hormuz have accelerated these storage plans, and ONGC may seek government permission for commercial use of the stockpile, potentially including sites at the port of Fujairah in the Middle East.
14 Articles
14 Articles
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LatestlyONGC Board approves 1.75 MMT strategic petroleum reserve project at Mangalore
State-run Oil and Natural Gas Corporation (ONGC) has approved the development of a 1.75 million metric tonne (MMT) Strategic Petroleum Reserve (SPR) at Mangalore, marking a major step towards strengthening India's energy security amid growing geopolitical uncertainties and rising crude oil demand.
The Economic Times
Times of IndiaONGC to undertake 1.75 MMT strategic oil reserve expansion at Mangaluru
ONGC approved a 1.75 MMT strategic petroleum reserve expansion at Mangaluru. This project will add significant storage capacity to India's energy security network. India is strengthening its reserves after recent global supply chain disruptions. Additional SPR facilities are also being developed in Odisha and Karnataka. This increases India's total oil storage capacity to approximately seventy-four days.
India Expands Strategic Oil Reserves With New ONGC Storage Plan
India’s ONGC plans to build up a strategic national reserve of crude totalling 1.75 million tons, or 12.8 million barrels. The company would also ask the government to allow the commercial use of the stockpile, Reuters reported. India currently has a national crude oil reserve of 5.33 million tons, which is equal to about 39 million barrels, in three locations in the southern part of the country. The sites are managed by a government-owned entit…
After the crisis in crude oil supply during the Iran war, India has taken a big step towards strengthening energy security. State-owned ONGC has given permission to increase the Strategic Crude Oil Reserve in Mangaluru, Karnataka. Under this project, a new reserve capacity of 17.5 lakh tonnes will be developed. The government believes that this will maintain the availability of crude oil in the country during any future global crisis. New 'Strat…
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