Dáil Éireann Debate, Tuesday - 10 May 2022
208. Deputy Richard Bruton asked the Minister for the Environment, Climate and Communications the details of the Irish reserves of oil and gas; the way that they are held; if they comply with European Union requirements; and if there are plans to expand such reserves. [23283/22]
Amharc ar fhreagraIreland’s policy of holding a Strategic Oil Reserve equivalent to 90 days supply is required by both its membership of the EU and the International Energy Agency (IEA) and is provided for by the National Oil Reserves Agency Act (NORA) 2007. NORA has operational responsibility for the day to day management of the State's strategic oil reserve. These reserves are available to be placed in the domestic market in the event of a shortage of petroleum products arising in the commercial supply chains or released to the international markets as part of an IEA collective action. Member countries of the IEA, including Ireland, agreed on 1 March and 1 April to coordinated releases of strategic oil stocks to help ensure stable international energy markets. These actions will reduce strategic stock levels to 85 days supply. Since the Russian invasion of Ukraine, my Department, in conjunction with NORA and the oil industry assess the supply situation in the normal commercial markets on an ongoing basis.
Ireland does not have natural gas storage facilities. There is no EU requirement to have gas storage within a Member State. The European Commission is working closely with EU Member States to protect the resilience of Europe’s gas security of supply. The Commission is also actively engaging with other countries to ensure sufficient and timely supply of natural gas to the EU from diverse sources across the globe to avoid supply shocks, including those that could result from disruptions. In close coordination with Member States, the Commission will submit a plan to phase out dependency on Russian gas by the end of May 2022.
