Oil and Natural Gas Gets Board Nod to Develop 1.75 Million-Ton Petroleum Reserve

MT Newswires Live

Jul 10

State-owned explorer Oil and Natural Gas Corporation (NSE:ONGC, BOM:500312) has received board approval for the development of a petroleum reserve with a capacity of 1.75 million metric tons in Mangalore, India, according to a Thursday filing to the Indian stock exchanges.

The company said the project, along with associated facilities, will be developed as a project of national importance under the directives of the Ministry of Petroleum and Natural Gas.

ONGC's board also directed the company to take up with the Government of India the issue of broadening commercial utilization opportunities for the strategic petroleum reserve, along with the required regulatory support.

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