ONGC shares climbed to an intraday high of Rs 254.20 on 23 July after the state-owned energy major said that it is working on India’s first strategic natural gas reserve. 

The proposed project, aimed at strengthening the country’s energy security during supply disruptions, boosted investor sentiment and kept the stock in focus throughout the trading session.

According to reports, ONGC is preparing a proposal to create an underground natural gas storage facility that can be used during emergencies or periods of supply shortages. The move comes as geopolitical tensions in West Asia continue to raise concerns over global energy supplies and fuel price volatility.

Unlike crude oil, India currently does not have a strategic reserve for natural gas. The proposed storage facility would help ensure a steady supply of gas to industries, power plants, and households if imports are disrupted. It could also help stabilise domestic energy availability during periods of high demand.

The initiative aligns with the government’s broader efforts to improve the country’s energy resilience while increasing the share of natural gas in India’s energy mix. As demand for cleaner fuels rises, building strategic gas reserves could become an important step towards reducing supply risks and supporting long-term energy security.

The development follows ONGC’s continued focus on expanding domestic oil and gas production and investing in projects that strengthen India’s energy infrastructure. The company has also been exploring new exploration opportunities and enhancing output from existing fields to reduce dependence on imported fuels.

At 3:30 pm, the shares of ONGC closed 0.14% higher at Rs 252.25 on NSE.

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