New Delhi, Aug. 12 -- Amid mounting concerns over energy security, the Centre is moving to develop two new strategic petroleum reserves (SPRs) at Bikaner in Rajasthan and Bina in Madhya Pradesh, as the conflict in West Asia and the risk of supply disruptions heighten India's vulnerability to crude-oil shocks.

Feasibility studies for the proposed Bikaner caverns have been completed and are being finalized, while the pre-feasibility study for the Bina caverns has concluded and a detailed feasibility report (DFR) is set to be initiated, the ministry of petroleum and natural gas told a parliamentary standing committee.

The stakes are high for an economy that imports about 90% of its oil requirement. A $1 increase in the price of a barrel of...