DOE signs SPR oil contracts with three majors

The U.S. Department of Energy has signed the first contracts to add U.S. federal royalty oil to the Strategic Petroleum Reserve, opening the way for oil to begin moving into the reserve by early May. Energy Sec. Bill Richardson said DOE and the Interior Department completed arrangements with three of the largest producers in the central Gulf of Mexico-Texaco Inc., Shell Oil Co., and BP Amoco plc-to begin transferring 38,600 b/d of royalty oil to the SPR. During the 3-month terms of the contracts, the companies will deliver nearly 3.5 million bbl of crude oil to the Bayou Choctaw SPR site in Louisiana. The oil represents an adjusted amount provided as payment of royalties due...

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