The Ministry of Petroleum and Natural Gas (MoPNG) has granted its approval for setting up strategic natural gas reserves and has directed ONGC, Oil India Limited (OIL) and GAIL (India) Limited to work jointly on its feasibility report. Likely to be completed by February 2024, the report will recommend optimal storage models and suitability of strategic or commercial models or a mix of both along with providing cost estimates, probable locations, construction timelines, business and financial models for the natural gas reserves, who can invest, and mode of recovering the investment. Depleted wells of ONGC and OIL could be used for the storage.
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