ONGC Board Approves 1.75 MMT Strategic Petroleum Reserves Development at Mangalore
The Board of Directors of Oil and Natural Gas Corporation Ltd has granted in-principle approval for the development of a strategic project aimed at bolstering national energy reserves.At its meeting held on July 9, 2026, the company’s Board accorded in-principle approval for the development of 1.75 MMT capacity Strategic Petroleum Reserves. This initiative, which includes associated facilities, is set to be developed at Mangalore under Phase-I Extension and has been designated as a project of national importance, adhering to directives received from the Ministry of Petroleum and Natural Gas (MoP&NG).
In addition to approving the reserves development, the Board issued a directive concerning future commercialization. The company was instructed to engage with the Government of India to explore opportunities for broadening commercial utilization of the resources, provided suitable regulatory support is obtained.
ONGC Stock Price Movement
On Thursday, shares of Oil & Natural Gas Corporation Limited shed value, closing at ₹243.65 after slipping by 1.42% from the previous close. The stock traded amidst heavy volume, settling near its day low of ₹242.91 with 14.07 million shares changing hands.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.