PETROLEUM RESERVES – AUSTRALIA

Blockade a wake-up call for fuel reserves

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 25-Jun-25

Defence and national security expert Jennifer Parker believes that Iran’s ally China will not allow the Strait of Hormuz to be closed to oil tankers. However, Parker says Iran’s threat to block the strait – which is used to ship about 25 per cent of global oil supplies – is a "timely reminder" that Australia needs to build a much larger onshore reserve of fuel. The International Energy Agency’s protocols require nations to hold at least 90 days of oil stocks in reserve; this includes both oil that is stored domestically and fuel that is in transit. The IEA estimates that Australia has just 56 days of onshore fuel reserves, including 31 days worth of petrol.

CORPORATES
INTERNATIONAL ENERGY AGENCY

Canberra, refiners talk fuel security

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Original article by Perry Williams
The Australian – Page: 16 : 8-May-20

Federal Energy Minister Angus Taylor has held talks with Caltex, Viva Energy, ExxonMobil and BP about increasing the amount of oil they store in Australia. Taylor flagged plans to establish a domestic oil reserve earlier in 2020, when the government spent $94m on a strategic fuel reserve in the US. Caltex’s acting CEO Matt Halliday has told a conference that the coronavirus pandemic has put the issue of fuel security on the agenda, while Viva Energy CEO Scott Wyatt said demand for petrol is rising as lockdown restrictions begin to ease.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES, CALTEX AUSTRALIA LIMITED – ASX CTX, VIVA ENERGY GROUP LIMITED – ASX VEA, EXXONMOBIL AUSTRALIA PTY LTD, BP AUSTRALIA LIMITED

No food, no fuel, no phones: Bushfires showed we’re only ever one step from system collapse

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Original article by Anthony Richardson
The New Daily – Page: Online : 11-Feb-20

Australia’s recent bushfires revealed the shortcomings of the ‘just in time’ model used for the distribution of food and fuel. When the Victorian town of Mallacoota was cut off by road and air because of the fires, food and fuel supplies quickly became so low that there were suggestions of a pending humanitarian crisis. Australia currently imports 90 per cent of its oil, most of which comes through the Strait of Hormuz. Australia is meant to keep 90 days of fuel supplies in reserve as part of its International Energy Agency obligations, but at one point in late 2019, it reportedly had only 23 days of jet fuel, 22 days of diesel and 18 days of petrol in reserve.

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INTERNATIONAL ENERGY AGENCY

Low oil stocks a danger to security

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 16-Feb-18

Australia’s emergency oil supply fell to its lowest level in ­almost 20 years during 2017, according to the International Energy Agency. Andrew Hastie, the head of the parliamentary joint committee on intelligence and security, says the issue of low emergency oil supplies presents a threat to national security. All IEA members are required to maintain the equivalent of 90 days of net imports as emergency stocks, but the IEA noted that Australia failed to have end-of-month levels at this threshold in all but one month over the five years to the end of 2017.

CORPORATES
INTERNATIONAL ENERGY AGENCY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. JOINT PARLIAMENTARY COMMITTEE ON INTELLIGENCE AND SECURITY