Oil and Natural Gas Corporation Limited’s Board has approved the development of 1.75 MMT capacity Strategic Petroleum Reserves at Mangalore (Phase-I Extension). The decision, taken at a meeting held on July 09, 2026, designates the project as one of national importance and includes associated facilities. This move aligns with the directives issued by the Ministry of Petroleum and Natural Gas (MoP&NG).

The Board also directed the management to pursue broadening commercial utilisation opportunities for the reserves. This involves seeking associated regulatory support from the Government of India to enhance the project's viability and scope.

The meeting of the Board of Directors commenced at 18:35 hrs and concluded at 20:35 hrs on the same day. The approval marks a significant step in bolstering the country's energy security infrastructure through strategic storage capabilities.

Project Details

The development of the Strategic Petroleum Reserves is aimed at ensuring energy security and mitigating supply disruptions. The Mangalore facility will serve as a critical node in the national storage network.

Board Proceedings

The approval was part of the agenda discussed during the Board meeting convened on July 09, 2026. The proceedings were formally recorded and communicated to the stock exchanges by Shashi Bhushan Singh, Company Secretary & Compliance Officer.

Oil and Natural Gas Corporation Limited has secured shareholder approval for two Material Related Party Transactions associated with the Area-1 Offshore Mozambique Project. The resolutions, which addressed the AssetCo Structure and Debt Service Undertaking, were passed with a requisite majority during a postal ballot that concluded on July 3, 2026.

The remote e-voting process was conducted by the National Securities Depository Limited (NSDL) under the supervision of Scrutinizer Sachin Agarwal of M/s. Agarwal S. & Associates. The voting period was open from June 4, 2026, to July 3, 2026, with the record date set as May 29, 2026. A total of 2,772,030 shareholders were eligible to participate.

The first resolution sought approval for the Material Related Party Transaction regarding the AssetCo Structure. It received 4,521,633,118 votes in favour and 156,958 votes against, representing 99.9965% of the total valid votes cast. The second resolution, concerning the Debt Service Undertaking, was approved with 4,521,617,499 votes in favour and 169,213 votes against, accounting for 99.9963% of the valid votes.

Voting Results Summary

Public institutional shareholders participated actively, with 93.3460% of their holdings voted on both resolutions. Public non-institutional shareholders also showed significant engagement, with approximately 75.57% of their shares voted. Promoters and the promoter group did not cast any votes on the resolutions. The detailed scrutinizer's report has been made available on the company's website and the NSDL e-voting portal.