Global strategic petroleum reserves

Global strategic petroleum reserves ("GSPR") refer to crude oil inventories (or stockpiles) 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 convert|4.1|Goilbbl|m3 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 26 members of the International Energy Agency. [cite news|title= Fact Sheet on IEA Oil Stocks and Emergency Response Potential |publisher= International Energy Agency|date=2004-01-01 |url=http://www.iea.org/textbase/papers/2004/factsheetcover.pdf] Recently, other non-IEA countries have begun creating their own strategic petroleum reserves, with China being the largest of these new reserves.

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. [http://www.iea.org/Textbase/work/2002/beijing/KUOLT2.PDF] [ [http://www.agiweb.org/gap/legis106/reauthspr.html Reauthorization of the Energy Policy & Conservation Act ] ] Only net-exporter members of the IEA are exempt from the reserve requirement. The exempt countries are Canada, Denmark, Norway, and the United Kingdom. However, Denmark and the UK have both recently created strategic reserves due to their requirements as European Union members.

Emergency oil sharing agreements

In addition to maintaining a domestic stockpile of petroleum, several countries also have agreements to share their stockpiles in the event of an emergency.

The Japan, New Zealand and South Korea agreement

In mid-2007 Japan announced a program to share its strategic reserve with other countries in its region. Negotiations are currently underway with New Zealand on an emergency oil-sharing program whereby Japan would make available for purchase its strategic reserves. In an emergency New Zealand would pay the market price plus negotiated option fees for the amount of oil previously held for them by Japan. [http://www.rigzone.com/news/article.asp?a_id=49325 RIGZONE - Article Not Found ] ]

South Korea and Japan have also agreed to share their oil reserves in case of an emergency. [ [http://www.iht.com/articles/ap/2007/06/18/business/AS-FIN-SKorea-Japan-Oil.php South Korea, Japan agree to share oil reserves - International Herald Tribune ] ]

The United States and Israel agreement

According to the 1975 Second Sinai withdrawal document signed by the United States and Israel, in an emergency the U.S. is obligated to make oil available for sale to Israel for up to 5 years. [ [http://www.heritage.org/Research/MiddleEast/bg76.cfm The Iranian Oil Crisis ] ]

The France, Germany, and Italy agreement

France, Germany and Italy have an oil-sharing agreement to allow each other to purchase their strategic reserves in the event of an emergency.

Africa

South Africa has an SPR. It is managed by PetroSA and the primary facility is the Saldanha Bay oil storage facility, which is a major transit point for oil shipping. [ [http://www.southafrica.info/doing_business/economy/key_sectors/energy.htm South Africa's energy industry - SouthAfrica.info ] ] Saldanha Bay's six in-ground concrete storage tanks give the facility a storage capacity of 45 million barrels. [http://fred.csir.co.za/www/sff/oil.htm]

Malawi is considering creating a 21-day reserve of fuel, which is an expansion from the current five day reserve. The government has begun planning for storage facilities in the provinces of Chipoka and Mchinji as well as Kamuzu International Airport. [ [http://www.nyasatimes.com/index.php?news=1915 Nyasa Times - Malawi breaking news, sports, showbiz, jobs, business and social networking - Malawi to increase fuel storage ] ]

Kenya is setting up a Strategic Fuel Reserve, similar to that of cereals. The strategic stocks would be procured by the National Oil Corporation of Kenya and stored by the Kenya Pipeline Company Limited [http://allafrica.com/stories/200804281577.html] .

Asia

China

In 2007 China announced an expansion of their crude reserves into a two part system. Chinese reserves would consist of a government-controlled strategic reserve complemented by mandated commercial reserves. [http://www.chinanews.cn//news/2007-07-19/37721.html] This new joint government/enterprise strategic reserve plan is the followup to a March 2007 announcement on the construction of a second strategic reserve with an additional 209.44 million barrels. [cite news|title= China to fill its 3rd strategic oil reserve |publisher= Times of India|date=2007-03-08|url=http://timesofindia.indiatimes.com/NEWS/World/Rest_of_World/China_to_fill_its_3rd_strategic_oil_reserve/articleshow/1736658.cms]

China's reserve structure

*Government Reserves; 101.9 million barrel strategic reserve
**Central government, National Development and Reform Commission(NDRC) [zh icon [http://www.chinadaily.com.cn/english/doc/2005-06/10/content_450449.htm China to have strategic oil reserve soon ] ]
***Dalian, Liaoning Province. Approximate planned capacity 19 million barrels (3,000,000 m³), planned completion 2008.
***Qingdao, Shandong Province. Approximate planned capacity 19 million barrels (3,000,000 m³), planned completion 2008.
***Zhenhai, Zhejiang Province. 52 storage tanks with a capacity of 33 million barrels (5,200,000 m³), filled as of December 2007. [ [http://www.gulfnews.com/business/Oil_and_Gas/10125763.html Gulfnews: China to fill Aoshan tanks with Mideast oil by June ] ] [ [http://www.forbes.com/markets/feeds/afx/2007/01/18/afx3338677.html China's Q1 2007 crude oil demand unchanged at 7.12 mln bpd - IEA - Forbes.com ] ] [cite news|title= Official: China starts filling strategic oil reserve |publisher=Associated Press |date=2006-10-06 |url=http://www.iht.com/articles/ap/2006/10/06/business/AS_FIN_ECO_China_Oil_Reserve.php]
***Zhoushan, Zhejiang Province. Approximate planned capacity 33 million barrels (5,200,000 m³), convert|7.6|Moilbbl|m3 filled as of June 2007. [cite news|title= China and Saudi Arabia: interesting SPR team up? |publisher= Marketwatch|date=2006-03-23 |url=http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BBDDC6EA6-C0E8-4F33-9B51-28314C17EDEC%7D&siteid=mktw&dist]
**Oil reserve base controlled by local governments
***Guangdong Province has begun plans for an expanded reserve, with two separate storage facilities. Their current reserve is equal to 20 days of supply with the expansion upgrading that reserve to 90 days. [ [http://www.chinadaily.com.cn/bizchina/2008-07/24/content_6874604.htm Guangdong plans 2 oil storages to ease shortage ] ]
***Hainan Province has begun plans for a reserve. [zh icon [http://english.cri.cn/3130/2007/06/28/262@243241.htm China's Strategic Oil Reserves to Be Ready ] ]
*Enterprise Reserves; 209.44 million barrel strategic reserve
**Commercial oil reserves by major Chinese oil companies, PetroChina, Sinopec and CNOOC
***PetroChina facility, Shanshan County, Xinjiang Uygur Autonomous Region. Planned capacity of convert|50.9|Moilbbl|m3.
***PetroChina facility, Tieling, Liaoning Province. 8 storage tanks with a capacity of convert|5.03|Moilbbl|m3, completion October 2008 [ [http://www.csc.mofcom.gov.cn/csweb/sacc/info/Article.jsp?a_no=77726&col_no=617 South Africa-China Economic & Trade Cooperation ] ]
***Sinopec facility, Shanghai, under construction
***Sinopec facility, Ningbo, under construction
***Sinopec facility, Zhanjiang, under construction
***Sinopec facility, Caofeidian, under construction [ [http://www.reuters.com/article/mergersNews/idUSHKG28096420070827 Sinopec, Aramco refinery on track, discuss reserves | Deals | Mergers & Acquisitions | Reuters ] ]
***Sinochem facility, under construction
***Unknown company, Heilongjiang Province
***Unknown company, Gansu Province
**Oil storage reserves by medium and small Chinese oil companies

India

India has begun the development of a strategic crude oil reserve sized at 37.4 million barrels, enough for two weeks of consumption. [ [http://www.gasandoil.com/goc/news/nts43834.htm Alexander's Gas & Oil Connections - India to build up storage of crude oil ] ] Petroleum stocks have been transferred from the Indian Oil Corporation (IndianOil) to the Oil Industry Development Board (OIDB). [ [http://www.thehindubusinessline.com/2006/04/02/stories/2006040202220200.htm The Hindu Business Line : Strategic oil reserves to come directly under Govt ] ] The OIDB then created the Indian Strategic Petroleum Reserves Ltd (ISPRL) to serve as the controlling government agency for the strategic reserve. [ [http://economictimes.indiatimes.com/India_to_form_crude_oil_reserve_of_5_mmt/articleshow/2137148.cms 'India to form crude oil reserve of 5 mmt'- Oil & Gas-Energy-News By Industry-News-The Economic Times ] ]

The facilities are:
*Mangalore, State of Karnataka. Capacity of convert|11.22|Moilbbl|m3.
*Padur village, Udipi in the state of Karnataka. Capacity of convert|18.7|Moilbbl|m3. [http://www.deccanherald.com/deccanherald/apr42005/national153423200543.asp]
*Visakhapatnam, State of Andhra Pradesh. Capacity of convert|7.48|Moilbbl|m3.

Japan

As of 2003 Japan has an 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: [http://www.iea.org/textbase/nppdf/free/2000/oilsecu2001.pdf] "
**Tomakomai Eastern Oil Reserve Storage Base, 55 storage tanks, total capacity convert|34|Moilbbl|m3.
**Mutsu-Ogawara Storage Base, 53 storage tanks, total capacity convert|31|Moilbbl|m3.
**Kuji Storage Base, 3 storage tanks, total capacity convert|10.5|Moilbbl|m3.
**Akita Storage Base, 15 storage tanks, total capacity convert|23.4|Moilbbl|m3.
**Fukui Storage Base, 27 storage tanks, total capacity convert|17.9|Moilbbl|m3.
**Kikuma Underground Petroleum Storage Facility, 8 storage tanks, total capacity convert|8.9|Moilbbl|m3.
**Shirashima Storage Facility, 8 tankers (4.4 million barrels each), total capacity convert|35.2|Moilbbl|m3. [http://minerals.usgs.gov/minerals/pubs/country/1998/9314098.pdf]
**Kamigotou Storage Base, 7 storage tanks, total capacity convert|21.45|Moilbbl|m3.
**Kushikino Storage Base, 3 storage tanks, total capacity convert|10.5|Moilbbl|m3.
**Shibushi Storage Base, 40 storage tanks, total capacity convert|27.6|Moilbbl|m3.
* Privately held reserves of petroleum held "in accordance with the Petroleum Stockpiling Law" of 129 million barrels. [ [http://www.enecho.meti.go.jp/english/energy/japan/oilinfo.html The Oil Situation after the Attack on Iraq ] ]
* 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. [cite news|title= Energy Security in East Asia |publisher= Institute for the Analysis of Global Security|date=2004-08-13 |url=http://www.iags.org/n0813042.htm] [cite news|title= Energy Security Initiative |publisher= Asia Pacific Energy Research Center|date=2002-01-01 |url=http://www.ieej.or.jp/aperc/2002pdf/OilStocks2002.pdf] The Japanese SPR is run by the Japan Oil, Gas and Metals National Corporation [http://www.jogmec.go.jp/english/index.html]

outh Korea

As part of the government’s energy security efforts, South Korea holds strategic oil reserves to protect against oil supply disruptions. The country’s strategic oil reserve program is managed by KNOC (Korea National Oil Corporation), which reports that its system has the capacity to store 116 million barrels of oil. As of April 2007, KNOC held 76 million barrels of oil in its strategic stockpiles [ [http://www.eia.doe.gov/emeu/cabs/South_Korea/Oil.html South Korea Energy Data, Statistics and Analysis - Oil, Gas, Electricity, Coal ] ] , of which 64 million barrels was crude oil and 12 million barrels was petroleum products.

This total amounts to approximately 34 days of net import cover, according to 2006 estimates of demand. KNOC has plans to expand the country’s strategic storage capacity from 116 to 146 million barrels by 2009, and to fill the emergency reserves to 141 million barrels by 2010.

Others

The Philippines has begun plans for a National Petroleum Strategic Reserve by 2010 with an approximate size of 30 million barrels. [ [http://www.energybulletin.net/8226.html Energy conservation takes center stage in the Philippines | EnergyBulletin.net | Peak Oil News Clearinghouse ] ]

Russia has begun plans for a strategic petroleum reserve. Analysts estimate the size of the Russian SPR would be around 78 million barrels. [ [http://findarticles.com/p/articles/mi_go1505/is_200210/ai_n7209404 US, Russia Differ Greatly on Role of Strategic Petroleum | Oil Daily, The | Find Articles at BNET.com ] ] [ [http://www.energybulletin.net/11386.html The Impact of Additions to Strategic Petroleum Reserves on World Oil Demand | EnergyBulletin.net | Peak Oil News Clearinghouse ] ]

Singapore has an SPR composed of convert|31.8|Moilbbl|m3 of crude oil with an additional convert|64.5|Moilbbl|m3 of oil products for a total of 96.3 million barrels. [ [http://www.opinionasia.org/Aregionalapproachtostrategicoilreserves A regional approach to strategic oil reserves? | Opinion Asia ] ]

Taiwan has an SPR with a 1999 reported size of 13 million barrels. [cite news|title= Improving Energy Security Through an International Cooperative Approach to Strategic Oil Stocks |publisher= International Energy Agency|date=2003-09-19 |url=http://www.iea.org/textbase/work/2003/berlin/leiby.pdf]

Thailand has recently increased the size of its SPR from 60 days to 70 days of consumption. [ [http://www.bruneitimes.com.bn/section/opinion/26Dec2006-4.php The Brunei Times ] ]

Europe

In the European Union, according to Council Directive 68/414/EEC of 20 December 1968, all 27 members must have a strategic petroleum reserve within the territory of the E.U. equal to at least 90 days average daily internal consumption. [cite news|title= 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 |publisher= European Union|date=1968-12-20 |url=http://europa.eu/scadplus/leg/en/lvb/l27045.htm]

The Czech Republic has a four tank SPR facility in Nelahozeves run by the company CR Mero. [http://www.eia.doe.gov/emeu/cabs/visegrad.html North Central Europe ] ] The Czech SPR is equal to 100 days of consumption or 2.03 million barrels.cite news
url=http://www.globalinsight.com/SDA/SDADetail8001.htm
title=European Leaders Fire Up Over Russian Oil Cut
publisher=Global Insight
date=2007-01-10
accessdate=2007-01-10
]

Denmark has recently created a strategic reserve, the size is unknown.

Finland has an SPR with an approximate size of 62.4 million barrels. [ [http://english.people.com.cn/200509/09/eng20050909_207507.html People's Daily Online - Finland decides to tap strategic oil reserves in Katrina aftermath ] ]

France has an SPR with an approximate size of 65 million barrels. [ [http://www.ambafrance-us.org/news/statmnts/2005/oilreserve_katrina_090205.asp Embassy of France in the US - katrina - Strategic oil reserves < ] ] 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.http://www.iea.org/textbase/nppdf/free/2000/oilsecu2001.pdf]

Germany created the Federal Oil Reserve in 1970, stored in the Etzel salt caverns near Wilhelmshaven in northern Germany, with an initial size of convert|70|Moilbbl|m3. [http://www0.gsb.columbia.edu/faculty/ghubbard/Articles%20for%20Web%20Site/Managing%20the%20Strategic%20Petroleum%20Reserve_Energy%20Policy%20in%20a%20.pdf] The current German Federal Oil Reserve and the Erdölbevorratungsverband (EBV) (the German stockholding company) mandates that refiners must keep 90 days of stock on hand, giving Germany an approximate reserve size of 250 million barrels as of 1997. [ [http://www.pennwellpetroleumgroup.com/Articles/Article_Display.cfm?ARTICLE_ID=114993&Section=ARTCL GERMANY - Online Research Center ] ] The German SPR is the largest in Europe.

Hungary has an SPR with approximately 90 days of consumption or 11.88 million barrels. [ [http://www.abcmoney.co.uk/news/6200783775.htm Hungarian govt releases strategic oil reserves after Russian supply cut-off ] ]

Ireland has approximately 31 days of oil stocks in Ireland and another 9 days of oil stocks held in fellow EU members states. Additionally, they have stock tickets (contracts with a 3rd party where the government has the option to purchase in the event of an emergency) and stocks held by large industry or large consumers. On average Ireland has approximately 100 days of oil available. [http://www.dcenr.gov.ie/Energy/Oil+Supply+Division/Ireland+s+Current+Stock+Levels.htm] [http://www.nora.ie/]

Poland has an SPR with approximately 70 days of consumption. [http://news.yahoo.com/s/ap/20070108/ap_on_bi_ge/belarus_russia_oil_5] Another facility holding 20 additional days of consumption is scheduled to be completed in 2008. Poland also requires oil companies to maintain reserves sufficient for 73 days of production. [http://www.reuters.com/article/rbssEnergyNews/idUSL354313120080903?rpc=401&]

Portugal has an SPR with an approximate size of 22.44 million barrels. [ [http://findarticles.com/p/articles/mi_kmafp/is_200509/ai_n15327212 Portugal to tap oil reserves to help hurricane-ravaged US | AFP | Find Articles at BNET.com ] ]

Slovakia has an SPR with an approximate size of 748,000 barrels.

Spain has an SPR with an approximate size of 120 million barrels. [Staff Writer. " [http://www.elmundo.es/mundodinero/2005/09/08/economia/1126166131.html 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.]

Sweden has an SPR with an approximate size of 13.29 million barrels. [ [http://english.people.com.cn/200509/16/eng20050916_208886.html People's Daily Online - Swedish government releases gasoline reserves ] ]

Switzerland has SPRs consisting of gas, diesel, jet fuel and heating oil for 4.5 months of consumption. The reserves were created in the 1940s and were used for the first time in 2005 following Hurricane Katrina.

The United Kingdom has recently created a strategic reserve, the size is unknown.

Middle East

Iran

In April 2006 the Fars News Agency reported that Iran has begun plans to create an SPR. The National Iranian Oil Company (NIOC) has begun construction of 15 crude oil storage tanks with a planned capacity of 10 million barrels. [http://www.eia.doe.gov/emeu/cabs/Iran/pdf.pdf] In August 2008, Iran announced plans to expand their SPR with a new facility on Kharg Island containing 4 tanks holding 1 million barrels each. [http://www.iranmania.com/News/ArticleView/Default.asp?NewsCode=60953] Iran's SPR facilities are:
*Ahwaz. 4 storage tanks, total capacity convert|2|Moilbbl|m3.
*Omidiyeh. 3 storage tanks, total capacity convert|3|Moilbbl|m3.
*Goureh. 6 storage tanks, total capacity convert|4|Moilbbl|m3.
*Sirri Island. 1 storage tank, total capacity convert|500000|oilbbl|m3.
*Bahregansar. 1 storage tank, total capacity convert|500000|oilbbl|m3.
*Kharg Island. 4 storage tanks, total capacity convert|4|Moilbbl|m3. Planned facility, not operational yet.

Kuwait

Kuwait has a joint stockpile held in South Korea. The deal gives South Korea first rights to purchase the oil. The current size of the stockpile is convert|2|Moilbbl|m3. [ [http://africa.reuters.com/energyandoil/news/usnL3383016.html?rpc=401& Energy and Oil | Africa - Reuters.com ] ]

Others

As of 1975 Israel is believed to have a strategic oil reserve equal to 270 days of consumption.

Jordan has strategic oil reserves equal to 60 days of consumption or 6.24 million barrels. [http://www.tradeportalofindia.com/contentmgmt/Desktops2.asp?itemcode=I484&compid=itpo]

North America

United States

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 360 days of oil imports. [See Strategic Petroleum Reserve] The U.S. facilities are:
* Bryan Mound - located near Freeport, Texas. Capacity of 226 million barrels (36,000,000 m³).
* Big Hill - located near Winnie, Texas. Capacity of 160 million barrels (25,000,000 m³).
* West Hackberry - located near Lake Charles, Louisiana. Capacity of 219 million barrels (35,000,000 m³).
* Bayou Choctaw - located near Baton Rouge, Louisiana. Capacity of 72 million barrels (11,000,000 m³).
* Richton, Mississippi. A new facility the capacity is unknown.

The US has also organized the convert|2|Moilbbl|m3|sing=on Northeast Home Heating Oil Reserve to supply northeast homeowners during shortages.

California

There is a report to create a California Strategic Fuels Reserve [http://www.energy.ca.gov/reports/2002-07-04_600-02-017D.PDF] [http://www.arb.ca.gov/bluebook/bb06/PUR25720/PUR_25720.htm] .

Oceania

Australia has a strategic reserve with both petroleum and petroleum products equal to 10 days of consumption or 8.77 million barrels. [ [http://www.energybulletin.net/1691.html Australia - Plan to protect oil supply | EnergyBulletin.net | Peak Oil News Clearinghouse ] ]

New Zealand has a strategic reserve with a 2008 size of 170,000 tons or 1.2 million barrels. Much of this reserve is based on ticketed option contracts with Australia, Japan, the United Kingdom and the Netherlands, which allow for guaranteed purchases of petroleum in the event of an emergency. [ [http://uk.reuters.com/article/oilRpt/idUKT20877720071227?rpc=401& Nippon Oil sells emergency oil reserves option to NZ | Markets | Reuters ] ]

ee also

*Energy development
*Energy security
*Peak oil
*Strategic reserve

References

External links

For more on APEC strategic reserves:
* http://pzl1.ed.ornl.gov/APECSizeIAEEPaperFinal_Proceedings.pdf
* http://www.ieej.or.jp/aperc/2002pdf/OilStocks2002.pdfFor more info on the IEA reserves:
* http://www.iea.org/dbtw-wpd/Textbase/work/2003/asean/CZECH.PDF


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