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India Boosts Oil Reserves Amidst Expansion Plans
3 Aug
Summary
- India is expanding its strategic petroleum reserves with new facilities.
- ONGC is building a 1.75 million metric ton oil storage in Mangaluru.
- New Delhi plans to collaborate with private companies for storage expansion.
India is actively increasing its strategic petroleum reserve (SPR) capacity. The Oil and Natural Gas Corporation (ONGC) is developing a new 1.75 million metric ton oil storage facility in Mangaluru, Karnataka. Half of this capacity will be dedicated to meeting the country's strategic energy requirements.
This initiative is part of New Delhi's broader strategy to expand its SPR, including plans for approximately 4 million tons at Chandikhol, Odisha, and a new 2.5 million ton facility at Padur, India. These projects involve collaboration with private companies to enhance storage capabilities across the nation.
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