Pearse Doherty (Donegal, Sinn Fein)
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1644. To ask the Minister for Communications, Energy and Natural Resources the value and volume of Ireland's oil reserves; if this oil is present here at all times; the owners of the storage facility; and if he will make a statement on the matter. [26002/16]

Denis Naughten (Roscommon-Galway, Independent)
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Under EU and International Energy Agency (IEA) obligations, Ireland is required to hold 90 days of oil stocks that can be used in the event of an oil supply disruption. The National Oil Reserves Agency (NORA) is responsible for acquiring and managing Ireland’s emergency oil stocks.

At the end of August 2016, the volume of the national oil reserve was just over 1.6 million tonnes. The value of the stocks is about €852 million.

The oil is held in a number of storage facilities on the Island of Ireland and in other EU Member States.

The names of the owners of the storage locations cannot be provided as this information is commercially sensitive.

In 2006, 51% of NORA stocks were held in Ireland, 10% were held as physical stocks abroad, while 40% were held as stock tickets. Since 2007, in line with IEA and Government policy, NORA has been pursuing a policy of reducing dependency on stock tickets (paper contracts to deliver oil in an emergency) as well as repatriating stocks held abroad to the island of Ireland, subject to value for money considerations. Today 67% of NORA emergency stocks are held on the island of Ireland in 11 separate locations. 33% of stocks are held in 6 locations in other EU Member States under Bilateral Agreements or Memoranda of Understanding.  There is now no requirement for stock tickets.

By successfully rebalancing its stocks in favour of  stocks on the island of Ireland, NORA helps ensure that emergency stocks are easily  accessible and available in an emergency situation. This significantly enhances the security of Irish oil supply and is in line with EU requirements under the Oil Stocks Directive (2009/119/EC).