ONGC Approves 1.75 Million-Ton Mangalore Crude Reserve Expansion After Iran War Shock
Updated
Updated · Bloomberg · Jul 10
ONGC Approves 1.75 Million-Ton Mangalore Crude Reserve Expansion After Iran War Shock
3 articles · Updated · Bloomberg · Jul 10
Summary
ONGC’s board cleared a project to add 1.75 million tons of strategic crude storage capacity in Mangalore, Karnataka, expanding India’s national oil reserves.
The approval underscores India’s push to strengthen energy resilience after the Iran war exposed the risks of supply disruption and price shocks.
The filing did not disclose the project’s cost or timeline, leaving the pace of the reserve buildout unclear.
The move signals a broader effort by India’s largest oil and gas producer to bolster emergency energy buffers against future geopolitical shocks.