India to expand strategic oil reserves India has directed the Oil and Natural Gas Corporation to build a new strategic petroleum reserve facility in Mangaluru, expected to increase its reserve capacity by a third. This initiative, costing an estimated $1.6 billion, aims to enhance the nation’s energy security following recent disruptions. The new underground facility will add 1.75 million metric tons to the current 5.33 MMT capacity, though India’s total reserves remain modest compared to other major economies.

• India plans to build a new strategic petroleum reserve (SPR) facility in Mangaluru.
• The Oil and Natural Gas Corporation (ONGC) will undertake the project, with an estimated investment of $1.6 billion.
• The new facility will expand India’s reserve capacity by one-third, adding 1.75 million metric tons.
• This move prioritizes energy security in response to the Middle East conflict and oil price volatility.
• India’s current SPR capacity of 5.33 MMT is considered meager compared to other major economies.