India's ONGC plans to build 13 million bbl national strategic oil reserve

India's Oil and Natural Gas Corporation (ONGC) has announced plans to construct a strategic petroleum reserve in Mangalore, with a capacity to hold approximately 13 million barrels of oil, equivalent to 1.75 million metric tons. This initiative forms a crucial part of India's strategy to bolster its energy security by ensuring a steady supply of crude oil, even during global supply disruptions. The move underscores India's proactive approach to safeguarding its economic stability and energy needs amid fluctuating oil markets. The strategic reserve in Mangalore will significantly enhance India's existing storage capabilities, which are vital for reducing the vulnerability to external shocks and price volatility in the global oil market. By expanding its reserves, India aims to strengthen its energy resilience, ensuring that the country can better withstand geopolitical tensions and natural disasters that might disrupt oil supplies. This development aligns with the government's broader efforts to diversify energy sources and increase domestic production. ONGC's project is expected to provide a boost to the local economy, creating jobs and fostering infrastructure development in the region. It also reflects India's commitment to building a robust energy infrastructure to support its growing economy. As the world transitions towards more sustainable energy sources, India's strategic petroleum reserve will serve as a critical buffer, offering both security and flexibility in managing the nation's energy demands.

— Authored by Next24 Live