India oil reserve: ONGC approves 1.75 MMT plan

India's state-run Oil and Natural Gas Corporation has approved plans to develop a 1.75 million metric tonne strategic petroleum reserve in the Mangalore region, as New Delhi seeks to strengthen energy security.

ONGC said in a stock exchange filing Thursday that its board had given in-principle approval for the project as a matter of national importance.

India is the world's third-largest importer of oil and the second-largest buyer of liquefied petroleum gas. It has faced major disruptions because of restrictions on the Strait of Hormuz during the conflict between the United States and Iran.

Petroleum and Natural Gas Minister Hardeep Singh Puri told AFP last week that India was pursuing more domestic production, including a $10 billion oil and gas exploration programme.

India's domestic crude production in 2025-2026 was 25.98 million metric tonnes, according to the oil ministry. The ministry figure meets about 10 percent of India's crude needs, or roughly 522,000 barrels per day, below a peak of just over 900,000 barrels per day in 2011.

India also expanded its crude suppliers from 27 to 41 countries, including Iran, Venezuela, Russia and several African nations.