November 5, 2026: India is preparing to strengthen its energy security with the development of a new 4 million metric tonne (4.0 MMT) petroleum reserve in Odisha. The Indian Strategic Petroleum Reserves Limited (ISPRL) has invited proposals from prospective bidders for the development and operation of the project under a public-private partnership (PPP) model.

A facility is proposed to be constructed in Chandikhol in Jajpur district in Odisha as a strategic petroleum reserve and commercial complex. The facility will be designed to store 4.0 MMT of petroleum and will also have single point mooring facilities along with relevant pipelines.

As per the Request for Proposal (RFP) released by ISPRL, the project is to be constructed under the PPP model going on the DBFOT scheme meaning Design, Build, Finance, Operate and Transfer thus allowing private players to engage in the project.

The planned oil reserve at Chandikhol is expected to have a capacity of 4.0 million metric tonnes. Apart from storage, the project would include an SPM facility and its pipelines connecting onshore and offshore structures.

The project is likely to be developed based on the DBFOT model under which the successful bidder has to design, build, finance and operate the facility and subsequently hand it over as per the agreement.

(Source: Zee Business)