ONGC Gives Nod to Strategic Crude Reserves Expansion.

State-owned Oil and Natural Gas Corp. (ONGC) has approved a project to expand India's strategic crude oil reserves, underscoring the government's efforts to bolster energy security after supply concerns triggered by the Iran conflict.

The board of the country's largest oil and gas producer approved the addition of 1.75 million tonnes of strategic crude storage capacity at Mangaluru in Karnataka, according to a regulatory filing. The company did not disclose the project's estimated cost or completion timeline.

The new facility will add to the strategic petroleum reserves managed by Indian Strategic Petroleum Reserves Ltd. (ISPRL), the state-owned agency responsible for maintaining the country's emergency crude stockpiles.

India currently has 5.33 million tonnes of strategic storage capacity across underground caverns at three locations on its eastern and western coasts. Two additional facilities, with a combined capacity of 6.5 million tonnes, are already under construction. Once the Mangaluru expansion is completed, the country's strategic crude storage capacity will increase further as India seeks to strengthen its resilience against global supply disruptions.