DOE TO BUY MORE CRUDE FOR SPR

    Aug. 17, 1992
    The U.S. Department of Energy plans to buy another 1.6 million bbl of crude for the Strategic Petroleum Reserve. It is buying 1 million bbl of North Sea sweet from Statoil North America Inc. for $20.55/bbl, not including transportation. And it is buying 600,000 bbl of Brent North Sea sweet from Phibro Energy Corporation Inc. for $20.90/bbl, also not including transportation. In both cases, the oil will be stored in the SPR by mid-September. Earlier this summer, DOE bought 1 million bbl of

    The U.S. Department of Energy plans to buy another 1.6 million bbl of crude for the Strategic Petroleum Reserve.

    It is buying 1 million bbl of North Sea sweet from Statoil North America Inc. for $20.55/bbl, not including transportation. And it is buying 600,000 bbl of Brent North Sea sweet from Phibro Energy Corporation Inc. for $20.90/bbl, also not including transportation.

    In both cases, the oil will be stored in the SPR by mid-September.

    Earlier this summer, DOE bought 1 million bbl of North Sea sweet from Texaco International Trading Inc.

    And it is shipping 2.4 million bbl of oil from the Elk Hills Naval Petroleum Reserve in California to Texas for storage in the SPR.

    DOE has capacity to store 750 million bbl in the SPR, which now contains more than 569 million bbl.

    Copyright 1992 Oil & Gas Journal. All Rights Reserved.

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