India Expands Strategic Oil Reserves Amid Energy Security Concerns

India's state-owned Oil and Natural Gas Corporation (ONGC) is finalizing feasibility studies for two new strategic petroleum reserves facilities. One site will be in Bikaner, Rajasthan, while the other will be in Bina, Madhya Pradesh.

The move aims to boost India's energy security as the country relies heavily on imports. The current maximum reserve capacity can cover only eight days of national oil demand.

ONGC is also building a storage site in Mangaluru, Karnataka, which will have 1.75 million metric tons of oil capacity - about 13 million barrels.

Half of this new storage will be reserved for strategic storage, while the other half will support ONGC's commercial operations.