The Strategic Petroleum Reserves Announces a Notice of Sale of Crude Oil
The U.S. Department of Energy’s (DOE) Office of Fossil Energy (FE) announced today a Notice of Sale for crude oil from the Strategic Petroleum Reserve (SPR).
Under Section 5010 of the 21st Century Cures Act, the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over 3 consecutive fiscal years (FY), beginning in FY 2017. Of this amount, DOE is selling 6 million barrels in FY 2019. Under Section 403 of the Bipartisan Budget Act of 2015, the Secretary of Energy is directed to draw down and sell a total of 58 million barrels of crude oil from the SPR, over 8 consecutive FYs, commencing in FY 2018. Of this amount, DOE is selling 5 million barrels in FY 2019.
FE plans to draw down and sell a total of 11 million barrels of crude oil from the SPR. Crude oil will be sold from three sites—Bryan Mound and Big Hill in Texas, and West Hackberry in Louisiana. This sale will fulfill requirements for Section 5010(a)(1)(C) of the 21st Century Cures Act (Public Law 114-255) and Section 403(a)(2) of the Bipartisan Budget Act of 2015 (Public Law 114-74).
Bids must be received no later than August 28, 2018 at 2:00 p.m. Central Time. Contracts will be awarded to successful offerors within 7 business days. Deliveries will be take place in October and November 2018.
Any company registered in the SPR’s Crude Oil Sales Offer Program is eligible to participate in SPR crude oil sales. Other interested companies may register through the SPR website’s Crude Oil Sales Offer Program.
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