Global strategic petroleum reserves

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Strategic petroleum reserves ("SPR") refer to crude oil inventories held by the government of a particular country, as well as private industry, for the purpose of providing economic and national security during an energy crisis. According to the United States Energy Information Administration, approximately 4.1 billion barrels of oil are held in strategic reserves, of which 1.4 billion is government-controlled. The remainder is held by private industry. At the moment the US Strategic Petroleum Reserve is one of the largest strategic reserves, with much of the remainder held by the other 25 members of the International Energy Agency.[1] Recently, other non-IEA countries have begun creating their own strategic petroleum reserves, with China being the largest of these new reserves.

Contents

[edit] International Energy Agency reserves

According to a March 2001 agreement, all 26 members of the International Energy Agency must have a strategic petroleum reserve equal to 90 days of oil imports for their respective country.[2][3]

[edit] North America

The United States has the largest reported Strategic Petroleum Reserve with a total capacity of 727 million barrels. If completely filled, the US SPR could theoretically replace about 60 days of oil imports.[4] The U.S. facilities are:

[edit] Middle East

[edit] Iran

In April 2006 the Fars News Agency reported that Iran has begun plans to create a SPR. The National Iranian Oil Company (NIOC) has begun construction of 15 crude oil storage tanks with a planned capacity of 10 million barrels.[5] The planned facilties are:

  • Ahwaz. 4 storage tanks, total capacity 2 million barrels.
  • Omidiyeh. 3 storage tanks, total capacity 3 million barrels.
  • Goureh. 6 storage tanks, total capacity 4 million barrels.
  • Sirri Island. 1 storage tank, total capacity 500,000 barrels.
  • Bahregansar. 1 storage tank, total capacity 500,000 barrels.

[edit] Asia

[edit] China

In 2004 China's National Development and Reform Commission (NDRC) began development on a 101.9 million barrel strategic reserve.[6] This strategic reserve plan calls for the construction of four storage facilities. The 101.9 million barrel reserve consists of four facilities:

An updated strategic reserve plan was announced in March 2007 for the construction of a second strategic reserve with an additional 209.44 million barrels.[11] The 209.44 million barrel reserve (still being planned) consists of one known facility, others have yet to be determined:

[edit] India

India has begun the development of a strategic crude oil reserve sized at 37.4 million barrels, enough for two weeks of consumption.[12] Petroleum stocks have been transferred from Indian Oil Corporation (IndianOil) to the Oil Industry Development Board (OIDB) the controlling government agency for the strategic reserve.[13]

The facilities are:

[edit] Japan

As of 2003 Japan has a SPR composed of the following three types of stockpiles:

  • State controlled reserves of petroleum at ten different locations totaling 320 million barrels. All storage numbers, unless otherwise cited, come from p.177 of this document: [4]
    • Tomakomai Eastern Oil Reserve Storage Base, 55 storage tanks, total capacity 34 million barrels.
    • Mutsu-Ogawara Storage Base, 53 storage tanks, total capacity 31 million barrels.
    • Kuji Storage Base, 3 storage tanks, total capacity 10.5 million barrels.
    • Akita Storage Base, 15 storage tanks, total capacity 23.4 million barrels.
    • Fukui Storage Base, 27 storage tanks, total capacity 17.9 million barrels.
    • Kikuma Underground Petroleum Storage Facility, 8 storage tanks, total capacity 8.9 million barrels.
    • Shirashima Storage Facility, 8 tankers (4.4 million barrels each), total capacity 35.2 million barrels.[15]
    • Kamigotou Storage Base, 7 storage tanks, total capacity 21.45 million barrels.
    • Kushikino Storage Base, 3 storage tanks, total capacity 10.5 million barrels.
    • Shibushi Storage Base, 40 storage tanks, total capacity 27.6 million barrels.
  • Privately held reserves of petroleum held "in accordance with the Petroleum Stockpiling Law" of 129 million barrels.[16]
  • Privately held reserves of petroleum products for another 130 million barrels.

The state stockpile equals about 92 days of consumption and the privately held stockpiles equal another 77 days of consumption for a total of 169 days or 579 million barrels.[17][18] The Japanese SPR is run by the Japan Oil, Gas and Metals National Corporation.[5]

[edit] Others

South Korea has a SPR composed of 76 million barrels, equal to about 57 days of consumption. They recently announced plans to increase their SPR to around 141 million barrels by 2010.[19]

Taiwan has a SPR with a 1999 reported size of 13 million barrels.[20]

Russia has begun plans for a strategic petroleum reserve. Analysts estimate the size of the Russian SPR would be around 78 million barrels.[21][22]

Thailand has recently increased the size of its SPR from 60 days to 70 days of consumption.[23]

Singapore has a SPR composed of 31.8 million barrels of crude oil with an additional 64.5 million barrels of oil products for a total of 96.3 million barrels.[24]

[edit] Pacific Rim

Australia as a member of the IEA has 90 days of consumption in its official SPR.[citation needed] Additionally, the Australian government counts another 200+ days of consumption held by private reserves as a part of its unofficial SPR.[citation needed]

The Philippines has begun plans for a National Petroleum Strategic Reserve by 2010 with an approximate size of 30 million barrels.[25]

[edit] Europe

In the European Union, according to a Council Directive 68/414/EEC of 20 December 1968, all 25 members must have a strategic petroleum within the territory of the E.U. equal to at least 90 days average daily internal consumption.[26]

In 1970 Germany created the Federal Oil Reserve, stored in the Etzel salt caverns near Wilhelmshaven in northern Germany, with an initial size of 70 million barrels.[27] The current German Federal Oil Reserve and the Erdolbevorratungsverband (EBV)(the German stockholding company) mandates that refiners must keep 90 days of stock on hand, gives Germany an approximate reserve size of 234 million barrels.[citation needed] The German SPR is the largest in Europe.[citation needed]

Poland has a SPR with approximately 70 days of consumption.[28] Another facility holding 20 additional days of consumption is scheduled to be completed in 2008.[29]

Hungary and Slovakia are currently sharing a joint SPR facility which provides 90 days of consumption to each country.[citation needed]

The Czech Republic has a four tank SPR facility in Nelahozeves run by the company CR Mero which contains its 90 day reserve.[30]

Portugal has a SPR with an approximate size of 22.44 million barrels.[31]

Spain has a SPR with an approximate size of 120 million barrels.[32]

Finland has a SPR with an approximate size of 62.4 million barrels.[33]

France has a SPR with an approximate size of 65 million barrels.[34] France is also the only EU country to hold strategic stocks of jet fuel. As of 2000 jet fuel stocks were required for at least 55 days of consumption, with half of those stocks controlled by the Société Anonyme de Gestion des Stocks de Sécuritié (SAGESS) and the other half controlled by producers.[35]

Sweden has a SPR with an approximate size of 13.29 million barrels.[36]

[edit] See also

Portal:energy
 energy Portal

[edit] References

  1. ^ "Fact Sheet on IEA Oil Stocks and Emergency Response Potential", International Energy Agency, 2004-01-01.
  2. ^ [1]
  3. ^ [2]
  4. ^ See Strategic Petroleum Reserve
  5. ^ http://www.eia.doe.gov/emeu/cabs/Iran/pdf.pdf
  6. ^ http://www.chinadaily.com.cn/english/doc/2005-06/10/content_450449.htm
  7. ^ http://www.financialexpress-bd.com/index3.asp?cnd=10/20/2006&section_id=4&newsid=41371&spcl=no
  8. ^ http://www.forbes.com/markets/feeds/afx/2007/01/18/afx3338677.html
  9. ^ "Official: China starts filling strategic oil reserve", Associated Press, 2006-10-06.
  10. ^ "China and Saudi Arabia: interesting SPR team up?", Marketwatch, 2006-03-23.
  11. ^ "China to fill its 3rd strategic oil reserve", Times of India, 2007-03-08.
  12. ^ http://www.gasandoil.com/goc/news/nts43834.htm
  13. ^ http://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htm
  14. ^ http://www.deccanherald.com/deccanherald/apr42005/national153423200543.asp
  15. ^ http://minerals.usgs.gov/minerals/pubs/country/1998/9314098.pdf
  16. ^ http://www.enecho.meti.go.jp/english/energy/japan/oilinfo.html
  17. ^ "Energy Security in East Asia", Institute for the Analysis of Global Security, 2004-08-13.
  18. ^ "Energy Security Initiative", Asia Pacific Energy Research Center, 2002-01-01.
  19. ^ "Bush Oil Reserve May Support Prices as Asia Also Buys", Bloomberg, 2007-01-27.
  20. ^ "Improving Energy Security Through an International Cooperative Approach to Strategic Oil Stocks", International Energy Agency, 2003-09-19.
  21. ^ [3]
  22. ^ http://www.energybulletin.net/11386.html
  23. ^ http://www.bruneitimes.com.bn/section/opinion/26Dec2006-4.php
  24. ^ http://www.opinionasia.org/Aregionalapproachtostrategicoilreserves
  25. ^ http://www.energybulletin.net/8226.html
  26. ^ "Council Directive 68/414/EEC of 20 December 1968 imposing an obligation on Member States of the EEC to maintain minimum stocks of crude oil and/or petroleum products", European Union, 1968-12-20.
  27. ^ http://www0.gsb.columbia.edu/faculty/ghubbard/Articles%20for%20Web%20Site/Managing%20the%20Strategic%20Petroleum%20Reserve_Energy%20Policy%20in%20a%20.pdf
  28. ^ http://news.yahoo.com/s/ap/20070108/ap_on_bi_ge/belarus_russia_oil_5
  29. ^ http://www.eia.doe.gov/emeu/cabs/visegrad.html
  30. ^ http://www.eia.doe.gov/emeu/cabs/visegrad.html
  31. ^ http://findarticles.com/p/articles/mi_kmafp/is_200509/ai_n15327212
  32. ^ Staff Writer. "El Consejo de Ministros aprueba el envío del 2% de las reservas de crudo para ayudar a EEUU." El Mundo. September 9, 2005. Retrieved on June 10, 2006. Article in Spanish.
  33. ^ http://english.people.com.cn/200509/09/eng20050909_207507.html
  34. ^ http://www.ambafrance-us.org/news/statmnts/2005/oilreserve_katrina_090205.asp
  35. ^ http://www.iea.org/textbase/nppdf/free/2000/oilsecu2001.pdf
  36. ^ http://english.people.com.cn/200509/16/eng20050916_208886.html

[edit] External links

For more on APEC strategic reserves:

For more info on the IEA reserves:

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