The record
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- ONGC is planning India's first strategic natural gas reserve near its producing assets in western India, starting with a feasibility survey and possibly a pilot in a depleted gas well.
- The move follows the failure of the government's plan for underground salt cavern storage due to high capital costs and technical complexity.
- It matters because the West Asia war has disrupted global energy supplies, and India imports about 55% of its natural gas needs, worth around $15 billion a year.
- ONGC also recently announced a 1.75 million-tonne strategic crude oil storage facility, while New Delhi currently holds 5.2 million tonnes of strategic petroleum reserves.
What to watch next
- Outcome of ONGC's feasibility survey and whether the depleted-well pilot moves ahead
- PNGRB's proposal to the government for overground storage tanks near LNG terminals
- Disruption levels in the Strait of Hormuz, where transits have fallen from over 130 vessels to 16
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Named India · Iran · Indian Gas Exchange · Indian Government · Manas Majumdar · Oil and Natural Gas Corp. Ltd · Petroleum and Natural Gas Regulatory Board · PwC India · Rajesh Mediratta · Union petroleum ministry
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