Oil and Natural Gas Corporation (ONGC) has granted in-principle approval for the development of a 1.75 million metric tonne (MMT) Strategic Petroleum Reserve (SPR) at Mangaluru, marking a significant step towards enhancing India’s energy security and emergency crude oil storage capacity.
According to a regulatory filing, the proposed facility will be developed as the Phase-I extension of the existing Mangaluru Strategic Petroleum Reserve, strengthening the country’s ability to manage disruptions in global crude oil supplies and safeguard against volatile international oil prices.
Although ONGC has not disclosed the project’s investment value or implementation timeline, the company’s Board has authorised management to initiate discussions with the Central Government regarding the commercial utilisation of the reserve. The project will move forward subject to the necessary regulatory approvals and policy support.
India’s Strategic Petroleum Reserve programme is designed to maintain emergency crude oil stockpiles that can be utilised during geopolitical crises, supply chain disruptions, or unexpected spikes in crude oil prices. These reserves complement the operational inventories maintained by public and private oil marketing companies and refineries, ensuring uninterrupted fuel availability during emergencies.
The expansion at Mangaluru is expected to further strengthen India’s long-term energy resilience and support the country’s growing demand for crude oil as the economy continues to expand.
- ONGC approves 1.75 MMT Strategic Petroleum Reserve expansion at Mangaluru.
- Project to be developed as Phase-I extension of the existing SPR facility.
- Aims to strengthen India’s energy security and emergency crude oil storage.
- ONGC to engage with the Central Government for commercial utilisation of the reserve.
- Financial details and project completion timeline are yet to be announced.
ONGC, Strategic Petroleum Reserve, Mangaluru SPR, crude oil storage, India energy security, oil reserves, petroleum sector, energy infrastructure, strategic oil reserve expansion.
