New Delhi, July 10 -- State-run Oil and Natural Gas Corporation (ONGC) has approved the development of a 1.75 million metric tonne (MMT) Strategic Petroleum Reserve (SPR) at Mangalore, marking a major step towards strengthening India's energy security amid growing geopolitical uncertainties and rising crude oil demand.

The decision was approved by the company's Board of Directors, which accorded "an in-principle approval for the development of 1.75 MMT capacity Strategic Petroleum Reserves as a project of national importance along with associated facilities at Mangalore (Phase-I Extension) as per the directives of Ministry of Petroleum and Natural Gas (MoP&NG)," ONGC said in a stock exchange filing.

The Board also directed the company "...