Dáil Éireann Debate, Monday - 11 September 2023
106. Deputy Michael McNamara asked the Minister for the Environment, Climate and Communications the details of the Irish reserves of oil and gas; the locations and way in which they are held; if there are plans to expand such reserves; and if he will make a statement on the matter. [38064/23]
View answerIn respect of oil, Ireland is required, under its membership of the International Energy Agency (IEA) and the European Union, to hold strategic oil reserves equivalent to 90 days supply.
The National Oil Reserves Agency, NORA, is the State Agency with responsibility for ensuring that Ireland meets its obligations in relation to maintaining a minimum of 90 days reserve stocks of petroleum products which may be utilised in the event of a physical shortage of supplies.
NORA's current holding amounts to 90 days supply of strategic oil stocks with 75% of stock held on the island of Ireland with the balance stored in other EU countries. NORA does not intend to expand their reserves as they are currently meeting the 90 days obligation.
All locations where NORA store oil on the island of Ireland and in the EU can be found on the NORA website at www.nora.ie/.
Since the Russian invasion of Ukraine, my Department, in conjunction with NORA and the oil industry assess the oil supply situation in the commercial markets on an ongoing basis.
Around three quarters of our natural gas is imported from Great Britain via two interconnectors with the remaining gas being supplied from indigenous sources. There are currently no gas storage facilities operating in Ireland or national gas reserves.
My Department is currently finalising its review of security of energy supply and the forthcoming Energy Security Package will be published shortly. The Review is focused on the period to 2030, but in the context of ensuring a sustainable transition up to 2050.The Government’s policy objectives are to ensure energy is affordable, sustainable and secure, as well as in line with Ireland’s climate targets and statutory carbon budgets. Underpinned by these objectives, the review considered the risks to supplies, and a range of mitigation measures, including the need for additional capacity of indigenous renewable energy but also energy imports, energy storage, fuel diversification, demand side response and renewable gases (such as hydrogen).
