5/5 Pawan K. 1 year ago on Google
Building
petroleum
reserves
like
underground
tank
storage,
above-ground
tank
storage,
and
fully
developed
and
ready-to-exploit
in
situ
reserves
is
a
lucrative
proposition
for
an
oil-importing
country
like
India
as
the
oil
exporters
charge
exorbitant
prices
when
the
oil
demand
is
little
more
than
supply.The
Indian
Strategic
Petroleum
Reserve
(SPR)
is
an
emergency
fuel
store
of
total
5
Mt
or
31.5
million
barrels
(5.0
million
cubic
metres)
of
strategic
crude
oil
enough
to
provide
10
days
of
consumption
which
are
maintained
by
the
Indian
Strategic
Petroleum
Reserves
Limited.[Strategic
crude
oil
storages
are
at
3
underground
locations
in
Mangalore,
Visakhapatnam
and
Padur,
Udupi
district,
Karnatka
with
ready
access
to
the
refineries
on
the
east
and
west
coastsAnother
method
to
build
up
strategic
petroleum
reserve
at
low
cost
is
to
develop
a
proven
oil
field
for
higher
oil
extraction
rate
and
keeping
it
reserved
for
full
production
on
an
intermittent
basis
when
the
global
oil
price
cross
the
set
upper
limit.
Two
more
SPRs
will
add
strategic
petroleum
reserves
of
12
days
in
addition
to
10
days
of
reserves
achieved
in
Phase
I.
These
SPRs
under
Phase
II
will
be
located
at
Chandikhol
in
Odisha
and
Padur
in
Karnataka.
Indian
refiners
maintain
65
days
of
crude
storage,
and
when
added
to
the
SPR
storage
planned
and
achieved
takes
the
Indian
crude
storage
tally
to
87
days.
This
is
very
close
to
the
storage
of
90
days
mandated
by
IEA
for
member
countriesThe
total
storage
figure
is
excluding
the
storage
capacity
of
petroleum
products
with
the
marketing
agencies
and
bulk
consumers.India
is
also
considering
to
store
crude
oil
in
other
countries.
