Oil & Natural Gas Corporation Limited has received in-principle approval from its Board of Directors for development of 1.75 million metric tonne capacity Strategic Petroleum Reserves at Mangalore. The approval was granted during a board meeting convened on 09 July 2026.
The project has been designated as one of national importance. It includes associated facilities at the Mangalore location and is classified as Phase-I Extension of the strategic petroleum reserves programme.
The development follows specific directives issued by the Ministry of Petroleum and Natural Gas. The Board has directed ONGC to approach the Government of India for broadening commercial utilisation opportunities for the strategic petroleum reserves.
ONGC has also been directed to secure the necessary regulatory support from the government to enable broader commercial use of the reserves. The 1.75 MMT facility at Mangalore will store crude oil as part of the national strategic petroleum reserves infrastructure.
The board meeting commenced at 18:35 hours and concluded at 20:35 hours on 09 July 2026. ONGC disclosed the outcome to the National Stock Exchange of India (Symbol: ONGC, Series: EQ) and BSE Limited (Security Code: 500312).
The filing was submitted to both stock exchanges on the same day as the board meeting. The communication was signed by Shashi Bhushan Singh, Company Secretary of Oil & Natural Gas Corporation Limited, and carries the reference number ONGC/CS/SE/2026-27.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.