New Delhi, June 19 -- State-owned Oil and Natural Gas Corp (ONGC) is set to play a key role in strengthening India's energy security, with plans to develop and stock the country's next strategic petroleum reserve (SPR) facility. According to a report by Economic Times citing sources familiar with the development, the project could require an investment of nearly Rs.15,000 crore ($1.6 billion).

The government's push comes in the wake of the Iran conflict, which highlighted India's relatively limited strategic crude reserves and its vulnerability to disruptions in global oil supplies. In response, authorities have reportedly asked ONGC to spearhead the development of a new emergency oil storage facility to enhance the country's preparednes...