Dáil Éireann Debate, Thursday - 14 May 2026
183. Deputy Carol Nolan asked the Minister for Climate, Energy and the Environment if he will state the current level of Ireland's oil reserves in days of consumption; the estimated cost of replenishment following the recent IEA-coordinated release; and whether he accepts that accelerating licensing for oil and gas exploration in Irish waters would reduce long-term reliance on imported stocks and the associated NORA levy burden on consumers. [35979/26]
Amharc ar fhreagraThe National Oil Reserves Agency (NORA) has operational responsibility for the day-to-day management of the State’s Strategic Oil Reserve. NORA reserves consist of petrol, diesel and kerosene. NORA’s oil is stored in various port locations throughout the island of Ireland, with the balance held in a small number of EU Member States. The locations at which NORA’s oil is stored are monitored under tight security in accordance with normal industry standards.
Member countries of the IEA agreed to initiate an action to release Strategic Oil Reserves to address the supply issues that are emerging on foot of the conflict in the Middle East. Ireland's contribution to an IEA 400-million-barrel release is approximately 1.6 million barrels. That level of contribution equates to approximately 10.5 days of supply and that process has been commenced by NORA.
At close of business of 12 May, NORA was holding the equivalent of 85 days of stock.
The estimated cost of replenishment following the recent IEA-coordinated release is an operational matter for NORA.
In relation to accelerating licensing for oil and gas exploration in Irish waters, as outlined in the 2022 Policy Statement on Petroleum Exploration and Production, my Department no longer accepts new applications for petroleum authorisations for the exploration and extraction licences of natural gas or oil. This commitment was made effective immediately upon the previous Government taking office in June 2020, and the Climate Action and Low Carbon Development (Amendment) Act 2021 placed this commitment on a statutory basis.
Holders of existing authorisations are not affected by these changes and may apply to progress their authorisations through the usual licensing stages.
