Under the Energy Policy Framework 2007-2020 the Government is committed to rebalancing the strategic oil reserve by maximising Ireland's wholly owned stocks of oil and the level of stocks held on the island, subject to increased storage availability and value for money considerations.
The National Oil Reserves Agency (NORA) is working to increase the volume of NORA owned oil stocks stored on the island of Ireland in order to reduce Ireland's dependence on stock tickets and storage abroad.
The NORA Strategic Storage Plan 2008-2012 envisages that by 2012 the Agency will own 80 days of Ireland's European Union obligation in both Category I oil (Petrol) and Category II (Middle Distillates — Kerosene, Jet Kerosene, Gasoil and Diesel). As consumer companies hold large quantities of EU Category III (Fuel Oil) there is no need for NORA to own any of this category of oil.
NORA currently owns 36 days of Category I oil most of which is stored in Ireland. NORA also owns 62 days of Category II stocks most of which is stored in Ireland. NORA has purchased 12 days of Category II stocks since the beginning of the year and the Agency is in the process of purchasing a further 14 days of this category of oil during quarters 3 and 4 of this year.
The NORA Strategic Storage Plan 2008-2012 envisages purchasing additional stocks of oil for storage in Ireland during the period of the Plan.
All NORA purchases of oil are funded by the industry levy on oil product sales. No Exchequer funding is provided for strategic oil storage. The Review of Security of Oil Supplies is currently being finalised and will inform decisions in relation to further strategic measures to secure oil stocks.