Energy: Oil and Gas Storage

House of Lords written question – answered on 21st January 2008.

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Photo of Lord Maginnis of Drumglass Lord Maginnis of Drumglass Crossbench

asked Her Majesty's Government:

What are the current levels of (a) crude oil; (b) petroleum products; (c) natural gas; (d) liquid natural gas; and (e) liquid petroleum gas currently maintained in strategic storage for United Kingdom use; what is the cost of storing each of these products; and, in the event of disruption to supplies, how long these reserves would last assuming current demand.

Photo of Lord Bach Lord Bach Government Whip, Government Whip

The UK does not hold strategic stocks of oil and gas. As a member of the European Union and of the International Energy Agency, the UK is required to hold oil stocks equivalent to 67.5 days' national consumption for release in the event of disruption of international supplies. It meets these obligations by directing oil companies to hold stocks under powers derived from Section 6 of the Energy Act 1976. These stocks are held by companies together with the stocks they hold for commercial purposes and the cost of storage is not separately recorded.

At the end of October 2007 the following stocks were available to the United Kingdom:

crude oil and refinery process oils—7.42 million tonnes; petroleum products—7.66 million tonnes; of which liquefied petroleum gas—0.21 million tonnes.

These stocks were equivalent to 75 days' national consumption.

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