Denis Naughten (Roscommon-Galway, Independent) | Oireachtas source

Ireland holds 90 days of emergency oil stocks, in accordance with International Energy Agency, IEA, rules and EU legislation, to be used in the event of a supply disruption.

The majority of these stocks are held in Ireland and some stocks are held in other EU member states, including the United Kingdom. Ireland has entered into bilateral agreements with those member states, including the UK, where our stocks are stored. EU Directive 2009/119/EC places an obligation on EU member states to maintain oil stocks within the Community at all times. Under the current legislation, when the UK leaves the EU, the stocks held in the UK would not be counted as part of our 90-day obligation under that directive.

It should be noted, however, that the UK is also a member of the IEA and therefore, the continued holding of oil stocks in the UK, even after Brexit, would count towards the IEA's 90-day oil stocks obligation. After the UK leaves the EU, it still will be a member of the IEA and will continue to participate in the IEA collective actions that would be activated in the event of an oil crisis.

My officials and I take every opportunity to discuss the potential impacts of Brexit with our EU and UK colleagues, including with the European Commission task force and officials from the UK's Department of Business, Energy and Industrial Strategy, and the Department for Exiting the European Union.

As the Deputy may be aware, one of the four key Brexit energy priorities identified by the Government is accommodating Ireland's ability to meet EU obligations post Brexit. One of the main issues under this priority is the obligation on EU member states under EU Directive 2009/119/EC to maintain emergency oil stocks within the Community. My strong preference is that the current position remains, whereby stocks held by Ireland in the UK, including Northern Ireland, are counted as part of our 90-day emergency stocks obligation.

I should point out that, in line with the Government’s energy policy White Paper of December 2015, the National Oil Reserves Agency, NORA, is continuing to maximise the level of its stocks held on the island of Ireland subject to storage availability and value for money considerations. This policy of maximising stocks in Ireland precedes the UK Brexit decision.

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