The National Oil Reserves Agency (NORA) has operational responsibility for the day-to-day management of the State’s Strategic Oil Reserve. Subject to value for money, NORA is charged with seeking to maximise the level of stock held on the island of Ireland and to that end, it is actively pursuing a number of possible opportunities for additional on-island storage.
In March 2025, I received Government approval to proceed with the development of a State-led strategic gas emergency reserve. The delivery of a strategic gas emergency reserve is critical to Ireland’s energy security as we continue to transition to indigenous, clean renewable energy. Crucially, the strategic gas emergency reserve will also ensure compliance with EU standards and regulation.
The emergency reserve will be in the form of a Floating Storage and Regassification Unit (FSRU), to be owned on behalf of the State by the system operator, Gas Networks Ireland (GNI). The operation of the strategic gas emergency reserve will be underpinned by policy and legislation that my Department is progressing as a matter of priority.
