NORA meets its oil stockholding obligation by a combination of:
- Stocks owned by NORA and stored in Ireland and in other EU Member States with whom Ireland has concluded a Bi-lateral Oil Stockholding Agreement.
- Stocks held by NORA under short term commercial contracts ("Stock Tickets") in Ireland and in other EU Member States with whom Ireland has concluded a Bi-lateral Oil Stockholding Agreement. These contracts include an option to purchase the oil in emergency circumstances during the period of the contract.
The Department of Communications, Climate Action and Environment (DCCAE) determines the volumes of oil stocks NORA is to hold on an annual basis.
The current minimum level of stock to be held by NORA for 2016 is
- 1,529,000 tonnes of refined product, and
- 70,000 tonnes of Crude Oil.
This is equivalent to 90 days stocks.
Details of NORA’s historical Obligation Volumes can be found in the attached document.
Obligation volumes pdf
In parallel with the introduction of the National Oil Reserves Agency Act 2007, the Minister for Communications, Energy and Natural Resources also introduced the National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations 2007.
These Regulations, effective 1st August 2007 set out the information to be provided by the National Oil Reserves Agency (NORA), oil companies and oil consumers to the Minister in monthly statistical returns and provides for the variation in the amount of the NORA levy to be paid (changed from 0.476 cent per litre to 1.00 cent per litre with effect from 1st November 2007, and to 2.00 cent per litre with effect from 1st October 2009) together with the procedures for the invoicing and payment of the levy.
This legislation, coupled with the policies and strategies set out in the Government White Paper entitled "Delivering a Sustainable Energy Future for Ireland" (Section 3.7) form the basis for NORA's ongoing role regarding meeting Ireland's oil stocks obligation.