The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that in 2006, an Expert Committee, constituted by the then Planning Commission, inter-alia, recommended to maintain a reserve, equivalent to 90 days of oil imports for strategic-cum-buffer stock purposes and/or buy options for emergency supplies from neighbouring large storages such as those available in Singapore.
The Government, through Indian Strategic Petroleum Reserve Limited (ISPRL) is setting up strategic crude oil reserves with storage capacity of 5.33 Million Metric Tonnes (MMT) at three locations viz. Visakhapatnam(1.33 MMT), Mangalore(1.5 MMT) and Padur (2.5 MMT). Also, Detailed Project Reports have been prepared for establishing additional crude oil reserves of 12.5 MMT at Chandikhol (3.75 MMT), Padur(2.5 MMT), Rajkot (2.5 MMT) and Bikaner (3.75 MMT).
At present, there is existing tankage of 14.8 MMT of crude oil and 13.7 MMT of petroleum products in the country which provides coverage of approximately 63 days as per consumption. Strategic crude oil reserves of 5.33 MMT being set up in phase-I and strategic crude oil reserve of 12.5 MMT in phase-II will give coverage of approximately 12 days and 28 days respectively as per present consumption.
Vishakhapatnam cavern has been commissioned and filled with crude oil. Mangalore and Padur caverns would be completed by March and May 2016 respectively.