The Indian government will increase the strategic oil reserve from 5.33 million tons to 11.83 million tons.

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The government has approved the establishment of two additional commercial and strategic oil reserve facilities.

Suresh Gopi, Minister of State of the Ministry of Petroleum and Natural Gas, said in a written reply to the Wolesi Jirga that in order to increase the Strategic Petroleum Reserve (SPR), the Government of India approved the establishment of two additional commercial and strategic petroleum reserve facilities in Chandihor (Chandikhol)(4 million tons) in Orissa and Padur (2.5 million tons) in Karnataka in July 2021, the total storage capacity is 6.5 million tons. The Government of India, through a special purpose company called the Strategic Petroleum Reserve of India Limited (ISPRL), has established SPR facilities at three locations, Visakatnam (1.33 million tons), Mangalore (1.5 million tons) and Padur (2.5 million tons), with a total capacity of 5.33 million metric tons of crude oil. Suresh Gopi added that India's SPR will increase from 5.33 million tonnes to 11.83 million tonnes once it is operational. From time to time, the Government and the OMC evaluate the possibility of increasing storage capacity based on technical and commercial feasibility. The assessment of new sites for the establishment of additional oil reserves is an ongoing process. In order to ensure the security of crude oil supply and reduce the risk of dependence on crude oil from a single region, Indian oil public sector enterprises (PSUs) have diversified their crude oil sources, purchasing crude oil from countries with different geographical locations such as the Middle East, Africa, North America and South America. In addition, the Indian government has diversified LNG imports by targeting Australia, the United States and the United Arab Emirates as LNG importers. India has also signed a number of long-term agreements for LNG purchases to ensure uninterrupted supply and prevent price volatility.

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