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GS-III : Economic Issues Oil Crisis

24 November, 2021
12 Min Read

Strategic Petroleum Reserves in India

It is a storage of crude oil which would act as a cushion during any external supply disruptions or supply-demand mismatch shock.
The global standard for strategic oil reserves, as set by the International Energy Agency (IEA) and Integrated Energy Policy 2006 of India recommended that country should maintain a reserve equivalent to 90 days of oil imports for strategic- cum-buffer stock purposes.
The crude oil storages are constructed in underground rock caverns and are located on both the East and West coast of India. They are considered to be more environment friendly and incur less evaporation loss than ground level storage.
Construction of storage facilities are maintained by Indian Strategic Petroleum Reserves Limited (an SPV of the Oil Industry Development Board under MoPNG).
Presently, strategic reserves are situated at Visakhapatnam (Andhra Pradesh), Mangalore (Karnataka), and Padur (Kerala).
Moreover, project of 3 additional reserves is in pipeline at Chandikhol (Orrisa), Bikaner (Rajasthan) and Rajkot (Gujrat).

Phase II of Strategic Petroleum Reserves

Under Phase I of strategic petroleum reserves (SPR) programme, Government of India, through its Special Purpose Vehicle, Indian Strategic Petroleum Reserve Limited (ISPRL), has established petroleum storage facilities with total capacity of 5.33 Million Metric Tonnes (MMT) at 3 locations, namely (i) Vishakhapatnam (1.33 MMT), (ii) Mangaluru (1.5 MMT) and (iii) Padur (2.5 MMT), and all the storage facilities have been filled with crude oil. The petroleum reserves established under Phase I are strategic in nature and the crude oil stored in these reserves will be used during an oil shortage event, as and when declared so by Government of India.
Under Phase II of the petroleum reserve programme, Government has given approval in July 2021 for establishing two additional commercial-cum-strategic facilities with total storage capacity of 6.5 MMT underground storages at Chandikhol (4 MMT) and Padur (2.5 MMT) on PPP mode.

Source: PIB

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