DOE seeks more royalty crude for strategic reserve

The U.S. departments of Energy and Interior have begun the second phase of their program to store federal royalty oil from the Gulf of Mexico in the Strategic Petroleum Reserve. DOE issued a solicitation for offers to exchange up to 24 million bbl of royalty oil produced from federal offshore leases for crude to be delivered to the SPR. Offers are due May 25. Energy Sec. Bill Richardson said, "For the first time in 5 years, oil is flowing into the SPR and adding to our nation's energy security. Now we are moving into the expanded, second phase of the initiative that will open the program to all leaseholders and take as much as 100,000 b/d." DOE expects to take 28 mil...

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