Project Update9 Jul 2026, 09:20 pm
ONGC Board Approves Strategic Petroleum Reserves Project
AI Summary
The Board of Directors of Oil and Natural Gas Corporation Ltd (ONGC) has granted in-principle approval for the development of a 1.75 MMT capacity Strategic Petroleum Reserves project at Mangalore, designated as a project of national importance. The board also resolved to seek government approval for broadening commercial utilization opportunities for this project, along with associated regulatory support. The meeting commenced at 18:35 hrs and concluded at 20:35 hrs on July 9, 2026.
Key Highlights
- In-principle approval for 1.75 MMT Strategic Petroleum Reserves project.
- Project located at Mangalore, Phase-I Extension.
- Designated as a project of national importance.
- Board to seek broader commercial utilization opportunities.
- Associated regulatory support to be pursued with the government.
Price Impact
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