Announced Thu, 9 Jul · 21:22 IST
ONGC Board approves 1.75 MMT Strategic Petroleum Reserves at Mangalore
Capex & Operations View source PDF
ONGC · price
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Price reaction · full curve 14 horizons · vs prior close
+1.9%1-day move
₹243.49
prior close
₹243.65
base price
After-mkt
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AI summary
ONGC Board approved in-principle development of 1.75 MMT capacity Strategic Petroleum Reserves at Mangalore (Phase-I Extension) as a national importance project, per directives of the Ministry of Petroleum and Natural Gas. The Board also directed management to approach the Government for broader commercial use and regulatory support. No project cost has been disclosed in this filing.
Likely market impact
Positive long-term signal aligned with national energy security goals. No immediate financial cost disclosed yet.