How much is ONGC investing to build new strategic crude oil reserves, and where will they be located?

ONGC is investing 70 billion rupees ($736 million) to develop underground strategic crude oil storage in southern India, capable of holding about 13 million barrels; the land for the project has been acquired and construction will start soon.

What is India's current strategic crude oil reserve capacity, and how does it compare to China's?

India currently holds about 39 million barrels in strategic storage—roughly a week of imports—which is significantly less than China’s 1.2 billion barrels held in commercial and strategic stockpiles.

Top Indian Oil Producer to Build $736 Million Strategic Reserves

Aug 31, 2026

India’s top oil producer, ONGC, plans to invest $736 million in underground crude reserves holding 13 million barrels to strengthen supply buffers. Separately, the firm is negotiating an overseas trading desk to manage procurement and price risks for petroleum products.

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Top Indian Oil Producer to Build $736 Million Strategic Reserves

Top Indian Oil Producer to Build $736 Million Strategic Reserves

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