DOE - Fossil Energy Techline - Issued on:  September 19, 2005

DOE Announces Additional Loan of Oil From Strategic Petroleum Reserve

Oil Exchange is 7th Following Katrina Disruption

Washington, DC, Sept. 19 – The Department of Energy has approved a seventh loan request for crude oil from the Strategic Petroleum Reserve (SPR). Today’s agreement with Total Petrochemicals USA, Inc. for 600,000 barrels of sour crude takes the total loaned volume to 13.2 million barrels.

MORE INFO Additional SPR oil is slated for release as a result of a competitive sale. > Read More

Secretary of Energy Samuel Bodman committed on September 1, 2005, when the first oil loan was approved, to continue to consider requests from refiners whose sources of supply were disrupted as a result of Hurricane Katrina.

Total Petrochemicals has requested an additional 600,000 barrels because the company determined the continued interruption of production in the Gulf of Mexico will leave it short of crude oil for maximum runs during October.  The oil will be loaned from the SPR under short-term contractual agreements and returned once supply conditions are normal.

A summary of oil exchanges from the Strategic Petroleum Reserve to date is shown below.

For more information, contact: Craig Stevens, DOE Office of Public Affairs, 202-586-4940

Summary of SPR Exchanges (as of September 19, 2005):

DOE has negotiated seven exchange contracts for a total of 13.2 million barrels with the following:
Total Petrochemicals	Contract	600,000 bbls
	Contract	600,000 bbls
ExxonMobil	Contract	6,000,000 bbls
Valero	Contract	1,500,000 bbls
Marathon	Contract	1,500,000 bbls
Placid	Contract	1,000,000 bbls
BP	Contract	2,000,000 bbls

Deliveries as of September 19 totaled 3.4 million barrels.