Main Responsibilities
The development and implementation of Ireland's strategic oil supply policy, with particular regard to the areas of contingency planning and Ireland's associated international obligations, in order to ensure an effective system of security of supply at times of physical oil supply disruption.
The exercise of shareholder functions in relation to the Irish National Petroleum Corporation (INPC) and its subsidiary, the National Oil Reserves Agency (NORA), the latter being the body having operational responsibility for maintaining Ireland's strategic oil reserves.
Strategic Objectives
To devise appropriate structural and resource arrangements for NORA going forward so that national and international oil stockholding requirements can be consistently met.
Publication of the National Oil Reserves Agency Bill 2006.
To ensure effective operation of the NORA levy.
To conclude/update oil stockholding Bilateral Agreements with relevant Governments to facilitate cover for NORA stocks held abroad.
To participate in formulation of EU/IEA policy, information and decision making activities regarding oil stockholding/contingency issues.
A Welsh Government should consider whether reliance on the British for our oil supply is sustainable.