Tommy Broughan (Dublin North East, Labour)

I move amendment No. 69:

In page 19, line 38, after "obligations" to insert the following:

"at the highest level required by the European Union".

This refers to Part 4 of the Bill concerning the maintenance of oil stocks and the duty of NORA in that regard. The Bill provides that the agency maintains at all times a level sufficient to comply with the State's stockholding obligations and higher levels as the Minister may, by written direction, specify if he or she considers it necessary to do so for the effective performance of the agency and its functions. That includes holding the oil stocks itself and entering into holding contracts.

We debated on Second Stage the level of stocks to be held. The Minister responded on Committee Stage that 90 days' worth of supplies were held, which was sufficient. However, I felt it was important to specify the amount. The European Union has formed the view in the past 18 months that energy is perhaps the most important issue of all. It decided that it was, therefore, critically important to maintain oil stocks at the highest possible level. The Minister reported that we had 108 days' supply but I put it to him that the commissioner declared the general target to be 120 days, meaning we did not reach the overall safety levels the European Union uses. The amendment proposes a specific reference to the European Union in the legislation. If, in the future, a higher level of stocks were required we would then seek to comply with that. The Taoiseach attended the recent meeting of Heads of Government on the European gas supply, relationships with Russia and North Africa and the particular difficulties with oil because of the volatility of the regions concerned.

We also discussed on Second Stage and Committee Stage the subject matter of amendment No. 71. It proposes a sufficient internal-external holding ratio so as to ensure there are enough stocks physically held within the jurisdiction of the State if a crisis arises. The last information the Minister gave to the House was to the effect that one third of stocks were directly under NORA's control, one third under the control of the oil companies and one third made up of stock tickets from Wales, Denmark and other places. The Minister may have more up-to-date information on that. The public would want us to ensure sufficient stocks are held within the jurisdiction.

Perhaps the bulk or 100 days supply might be on the island and not necessarily be involved with stock tickets. However, any oil that is waiting for us on the Continent, in Welsh ports or elsewhere in the UK would have to be brought here. If we faced a situation of rationing or were unable to get oil stocks to the country, the internal ratio would be critical. The Bill provides that the Minister can lay down a higher level, but I suggest that to refer to the internal-external ratio would offer an additional power to a Minister for the future. Ordinary citizens would feel that having the oil here in the country is the most important issue.

Basically, what I wanted to achieve through this amendment was for a sufficient ratio to be physically within the jurisdiction. I did not want to put down a particular figure because the figures will obviously change. The Minister made the important point on Committee Stage that 108 days in a major world crisis situation or during a crisis involving the main oil supply countries would give us the ability to keep the economy running for six months or more. Nonetheless, it is important to refer specifically in the Bill to the importance of a high internal holding. That is what I have sought to do in this amendment.

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