ONGC Board Clears 1.75 MMT Strategic Petroleum Reserve at Mangalore

At its meeting on 9 July 2026, ONGC's board granted in-principle approval to develop a Strategic Petroleum Reserve (SPR) facility, with associated facilities, at Mangalore. The filing describes this as the Phase-I Extension and characterises it as a project of national importance, undertaken per the directives of the Ministry of Petroleum and Natural Gas (MoP&NG).

Beyond the reserve itself, the board directed that the matter of broadening commercial utilisation opportunity, with associated regulatory support, be taken up with the Government of India. The filing does not specify what form that commercial utilisation or regulatory support would take, nor does it disclose project cost, timeline, or funding.

This is an in-principle approval — the earliest stage of board sanction — rather than a final investment decision. The disclosure gives the reserve capacity and the location, but no financial terms, construction schedule, or execution partners. It records ONGC formally entering a central-government-directed strategic-reserves initiative, with commercial and regulatory details still to be worked out.