Bengaluru, July 11 -- State-run Oil and Natural Gas Corporation (ONGC) has approved the development of a 1.75 million metric tonne (MMT) strategic petroleum reserve at Mangaluru in Karnataka, marking the first instance of the country's largest oil explorer funding such a facility.

The company's board has granted in-principle approval for the Phase-I expansion of the Mangaluru reserve project, along with associated infrastructure, in line with directions from the Ministry of Petroleum and Natural Gas. Details regarding project cost and timelines have not been disclosed.

Strengthening Energy Security

The move comes amid heightened geopolitical uncertainty and volatility in global oil markets, reinforcing the importance of strategic reser...