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Ministry calls for petroleum reserves proposals

Ministry of Economic Development calls for petroleum reserves proposals

15 November 2005

The Ministry of Economic Development today issued a request for proposals from companies to hold petroleum reserves on behalf of the New Zealand government.

As a member of the International Energy Agency (IEA), New Zealand has an obligation to hold 90 days of petroleum reserves.

To meet this obligation, New Zealand needs to increase its petroleum reserves. The request for proposals (RFP) aims to identify what options are available to do this. The Ministry expects to call for final tenders early next year.

The Ministry is seeking proposals for both crude oil and refined products such as petrol, diesel and jetfuel. The IEA also allows stock to be held in other IEA member countries subject to the host government’s agreement. The RFP seeks to determine if there is interest in holding New Zealand’s IEA stocks in Australia and the United States in particular.

New Zealand’s petroleum reserves have been declining due to rising oil consumption and falling domestic production. Current stocks are about 500,000 tonnes or 28 days below the IEA 90-day obligation.

The RFP, which closes on 25 January 2006, is available at www.gets.govt.nz.

ENDS

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