Tulane Law School Summit Spr Energy Securityin Changes Times Jm Drake
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Transcript of Tulane Law School Summit Spr Energy Securityin Changes Times Jm Drake
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Presentation Topics:Presentation Topics:• Mission and need for ReservesMission and need for Reserves• Energy Outlook: Supply and Energy Outlook: Supply and
ConsumptionConsumption• Storage Method and Storage Method and
DevelopmentDevelopment• How the Reserve is usedHow the Reserve is used• Core Activities - Special Core Activities - Special
InitiativesInitiatives
An Overview of the Strategic Petroleum Reserve - An Overview of the Strategic Petroleum Reserve - Energy Security for American during Changing TimesEnergy Security for American during Changing Times
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• To Diminish the Vulnerability of the United To Diminish the Vulnerability of the United States to the Harmful Effects of Petroleum States to the Harmful Effects of Petroleum Supply DisruptionsSupply Disruptions
• To Meet U.S. Obligations under the International To Meet U.S. Obligations under the International Energy ProgramEnergy Program
SPR2603.ppt
SPRSPR MISSIONMISSION
One Team- Relevant, Ready, Responsive, and Reliable
U.S. Energy Policy & Conservation Act (EPCA 1975)U.S. Energy Policy & Conservation Act (EPCA 1975)U.S. Energy Policy Act of 2005U.S. Energy Policy Act of 2005U.S. Energy Independence and Security Act (EISA 2007)U.S. Energy Independence and Security Act (EISA 2007)
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• Short-term relief to American Families– More transparent energy trading regulations
• Reduce Imports over the Next Decade– Deploy electric and advanced vehicles (tax credits)– Promote domestic gas and oil production
• Economic Recovery and Job Creation– Renewable “green” energy development– Infrastructure design, development and investment
• Reduce Greenhouse Gas Emissions– U.S. to become a leader in Climate Change
Current Administration’s Energy and Environmental Agenda Items
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88 90 92 94 96 98 OO O2 O4 O6 O8
Total Domestic Production
Total Petroleum Consumption
MIL
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S O
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1973
Production as a Share of Consumption
63%
2007
33%
Domestic Production and ConsumptionDomestic Production and ConsumptionDomestic Production and ConsumptionDomestic Production and Consumption
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1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030
Mill
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rels
Per
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Domestic Onshore
Alaskan
Lower 48 Offshore
Projected Historical
Liquids from Biomass (Green)Liquids from Coal (Black)
Annual Energy Outlook (AEO) 2009 Projections for U.S. Domestic Production
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1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030
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Net Crude Imports
Net Product Imports
Historical Projected
Ethanol Imports
AEO 2009 Projections forU.S. Crude and Product Imports
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US Consumption
Domestic Supply
Petroleum Imports
AEO 2009Projections for U.S. Demand, Supply & Imports
Last Year
EIA AEO 2009
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66.1
60.8
52.1
43.9
24.3
36.532.9
48.648.3
53.9
59.159.9
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1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030
Imp
ort
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Historical
EIA Annual Energy Outlook 2009
AEO 2009 Projections for U.S. Crude Import Dependence
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Components of Import Dependence Costs
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Key Economic Factors in the Energy Outlook
• From 1970 to 1980 oil prices increased by a factor of ten from $3.50 per barrel to $35 per barrel.– 1st Qtr 2015 oil prices between $90 to $100 are consistent with this data
• Lack of Spare Production Capacity played a major role in run up of oil prices just prior to the upside shock at near $150/bbl.– One affect of upside economic shock is demand destruction
• Downside price shocks are likely to occur below $42/bbl. – One affect of downside shock is supply destruction and the curtailment of
the development of alternative fuels
• There is a close (3 to 4x) correlation between oil price and the Finding and Development (F&D) costs.– On a cost basis it is nearly impossible to reach either $200/bbl or $20/bbl
in the current market (Mar 2009).
• Historically, world oil demand grows at 2% less then Gross Domestic Product (GDP).– If GDP is stagnant oil demand could fall by 1MMB/day during this bear
market cycle.
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Regional Sources -U.S. Oil Imports Regional Sources -U.S. Oil Imports 20072007Regional Sources -U.S. Oil Imports Regional Sources -U.S. Oil Imports 20072007
*Libya, Iran and Qatar provided none
53%
47%
NON-OPEC OPEC
OPEC / Non-OPEC Imports
32%
19%4%2%
18% 1%
24%
N America
Central & S America
W Europe
E Europe & Former USSR
Middle East
Africa
Asia & Oceania
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Proven Oil ReservesProven Oil ReservesProven Oil ReservesProven Oil Reserves
OPEC Reserves* (in billions of
barrels)
World Reserves (in billions of barrels)
*Iran and Libya not shown
261.9
77.235.3115
101.5
11.8
4.7 97.8 15.2
Saudi Arabia Venezuela Nigeria IraqKuwait AlgeriaIndonesia UAEQatar261.9
215.3100.6
16.3
79.2
100.8 36.3
Saudi ArabiaNorth AmericaCentral & South AmericaWestern EuropeE Europe & Former USSRAfricaAsia & Oceania
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Top 10 Suppliers – U.S. Oil ImportsTop 10 Suppliers – U.S. Oil ImportsJanuary-December 2008January-December 2008Top 10 Suppliers – U.S. Oil ImportsTop 10 Suppliers – U.S. Oil ImportsJanuary-December 2008January-December 2008
470
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Net
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SPR Inventory Days of Import Protection
EPCA and IEA IMPORTATION PROTECTION
GOAL (90 DAYS)
SPR Inventory & Import Protection1977 - 2007
(Public Stocks)
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• Concentration Of Salt Domes– Secure– Economical– Low Environmental Risk
• Major U.S. Refinery Area
• Major Crude Oil Distribution Center– Tanker Terminals– Pipelines
• Provides Maximum Flexibility To Respond To A Wide Range Of Interruptions
• Concentration Of Salt Domes– Secure– Economical– Low Environmental Risk
• Major U.S. Refinery Area
• Major Crude Oil Distribution Center– Tanker Terminals– Pipelines
• Provides Maximum Flexibility To Respond To A Wide Range Of Interruptions
Where Public Reserves are Located-Where Public Reserves are Located-Gulf Coast StorageGulf Coast Storage
Where Public Reserves are Located-Where Public Reserves are Located-Gulf Coast StorageGulf Coast Storage
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LOUISIANALOUISIANALOUISIANALOUISIANATEXASTEXASTEXASTEXAS
MISSISSIPPIMISSISSIPPIMISSISSIPPIMISSISSIPPI
SPRNEW ORLEANSSPRNEW ORLEANS
Gulf of MexicoGulf of MexicoGulf of Mexico
WESTHACKBERRY
WESTHACKBERRY
LAKECHARLESLAKECHARLES
BIG HILLBIG HILLTEXAS CITYTEXAS CITY
HOUSTONHOUSTON
BATONROUGEBATONROUGEBEAUMONT
PORT ARTHURBEAUMONTPORT ARTHUR BAYOU
CHOCTAWBAYOUCHOCTAW
BRYANMOUNDBRYANMOUND
SPR WAREHOUSE(Stennis)SPR WAREHOUSE(Stennis)
RICHTON(Proposed New Site)RICHTON(Proposed New Site)
SPR STORAGE FACILITY
SPR WAREHOUSE (Stennis)
CITIES
RICHTON (Proposed New Site)
SPR STORAGE FACILITY
SPR WAREHOUSE (Stennis)
CITIES
RICHTON (Proposed New Site)
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Designed Storage CapacityDesigned Storage Capacityand Future Developmentand Future DevelopmentDesigned Storage CapacityDesigned Storage Capacityand Future Developmentand Future Development
BayouBayouChoctawChoctaw
WestWestHackberryHackberry
BigBigHillHill
BryanBryanMoundMound
254 MMB254 MMB
RichtonRichton
+160 MMB+160 MMB170 MMB
+80
170 MMB
+80227 MB227 MB 76 MMB
+33
76 MMB
+33
Authorized- 1,000 MMBCapacity- 727 MMBCurrent Inventory 706 MMB
April 4, 2009
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Reserve Distribution Capability
PAD V
16-18 DAYS
Puerto Rico/Virgin Islands
20-24 DAYS 5-6 DAYS
6-8 DAYS
PAD I
Hawaii
SPR
PAD III
PAD IV PAD II
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Industrial Energy Supply ChainIndustrial Energy Supply Chain
Production -> Refining -> Distribution
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Convention Gasoline SupplyConvention Gasoline Supply
Components ofLight Vehicle “Upstream”
Energy Supply
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A Model Gasoline and Ethanol Supply SystemA Model Gasoline and Ethanol Supply System
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Development of Crude Oil Storage-Development of Crude Oil Storage-Size ComparisonSize ComparisonDevelopment of Crude Oil Storage-Development of Crude Oil Storage-Size ComparisonSize Comparison
Empire StateEmpire StateBuildingBuilding
1,454 Feet1,454 Feet(443 Meters)(443 Meters)
New OrleansNew OrleansSuperdomeSuperdome
273 Feet273 Feet(83 Meters)(83 Meters)
Salt Dome Salt Dome Cavity Cavity
2,000 Feet2,000 Feet(610 Meters)(610 Meters)
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Very large diameter
Cap Rock Forms on top of a Rising Salt Column
Evolution of Gulf Coast Evolution of Gulf Coast Salt DepositsSalt Deposits
Geology of Salt DomesGeology of Salt Domes
Evolution of Gulf Coast Evolution of Gulf Coast Salt DepositsSalt Deposits
Geology of Salt DomesGeology of Salt Domes
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Storage Cavern DevelopmentStorage Cavern Development
Brine OutBrine Out
OilOilOilOil
Water InWater In
LeachingStage II
LeachingStage II
BrineBrine
OilOil
OilOil
BrineBrine
OilOil OilOilBrine OutBrine Out
Water InWater In
LeachingStage I
LeachingStage I
OilOil
BrineBrine
OilOil
Storage Cavern Storage Cavern CompleteCompleteStorage Cavern Storage Cavern CompleteComplete
OilOil
BrineBrine
Oil Storage ConfigurationStandby mode
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Storage Cavern Storage Cavern DrawdownDrawdownStorage Cavern Storage Cavern DrawdownDrawdown
Water InWater In
Oil OutOil Out Oil OutOil Out
OilOil
BrineBrine
Salt DomeSalt Dome
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Salt Cavern Storage Technology
• Salt Dome Storage for Hydrocarbon Storage Patented in 1919
• Used Commercially for – Crude– Refined Products– Natural Gas– LPG
• Used for Oil Reserves by– U.S.A. – Germany– France– Netherlands
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Brine Disposal MethodsBrine Disposal MethodsBrine Disposal MethodsBrine Disposal Methods
80
00
Fe
et
80
00
Fe
et
80
00
Fe
et
80
00
Fe
et
BrineBrine
Brine PondBrine Pond
Brine Brine Disposal Disposal PumpsPumps
BrineBrineInjection Injection PumpsPumps
OxygenOxygenScavengerScavengerInjectionInjection
BasketBasketStrainerStrainer
Polish FiltersPolish Filters
BrineBrineDisposalDisposal
WellWell
CavernCavern
Brine Disposal in WellsBrine Disposal in Wells Brine Disposal Pipeline to GulfBrine Disposal Pipeline to Gulf
Raw Water IntakeRaw Water Intake
PumpsPumpsWater to CavernsWater to Caverns
Water SourceWater Source
CavernCavern
Oxygen ScavengerOxygen ScavengerInjectionInjection
Brine Line Brine Line To Gulf Of MexicoTo Gulf Of Mexico
Brine PondBrine Pond
BrineBrineDisposalDisposalPumpsPumps
BrineBrine
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0
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77 79 81 83 85 87 89 91 93 95 97 99 O1 O3 O5 O7
Calendar YearCalendar Year
Mil
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Cumulative Strategic Petroleum Reserve Oil FillCumulative Strategic Petroleum Reserve Oil Fill
High Sulfur
Low Sulfur
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U.S. Presidential Authority
• Presidential Finding:– A “Severe Energy
Supply Disruption”– IEP Obligations
• Two Levels Defined:– Full Drawdown– Limited Drawdown - 30 MMB
U.S. Presidential Authority
• Presidential Finding:– A “Severe Energy
Supply Disruption”– IEP Obligations
• Two Levels Defined:– Full Drawdown– Limited Drawdown - 30 MMB
Authority & Conditions for UseAuthority & Conditions for Use
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Authority & Conditions for UseAuthority & Conditions for Use
Secretary of Energy Authority
• Oil Exchange Authority:– To Acquire Oil for the Reserve
– To Alter Crude Mix
• Test Sale Authority:– To Test Reserve Capabilities
– Limited to 5 MMB
Secretary of Energy Authority
• Oil Exchange Authority:– To Acquire Oil for the Reserve
– To Alter Crude Mix
• Test Sale Authority:– To Test Reserve Capabilities
– Limited to 5 MMB Dr Steven Chu
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How the Reserve Has Been UsedHow the Reserve Has Been Used
Ivan Exchange 5.4 MMB
CongressionalSales
28 MMB
Test Sale ’903.9 MMB
Test Sale ’851 MMB
Desert StormDrawdown17.3 MMB
Time Exchanges 2000
30 MMB
3030
2020
1010
00
55
1010
1515
Mill
ion
s O
f B
arre
lsM
illio
ns
Of
Bar
rels
1985 1990 1995 20062000 2005 2007
Maya Exchange
Incoming ‘99
Maya Exchange
Outgoing ‘98
2005 Hurricane Exchange and
Drawdown20.8MMB
Calcasieu Exchange
750K
Receipt of Katrina
Exchange Oil
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• $4.50-$5.00 Per Barrel Storage Development (Historical)
• Operating Cost Per Barrel Per Year 17 Cents
• Cost Per Barrel Drawdown Reserve 10.29 Cents(One Barrel = 42 gallons with 90 Day Drawdown Of 396 mmb)
• $4.50-$5.00 Per Barrel Storage Development (Historical)
• Operating Cost Per Barrel Per Year 17 Cents
• Cost Per Barrel Drawdown Reserve 10.29 Cents(One Barrel = 42 gallons with 90 Day Drawdown Of 396 mmb)
Cost Per BarrelCost Per Barrel
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FY 2009 AUTHORIZED STAFFINGFY 2009 AUTHORIZED STAFFINGFY 2009 AUTHORIZED STAFFINGFY 2009 AUTHORIZED STAFFING
DOE- 95 authorized full time equivalents (FTE)
Contractors and Subs* – 820 authorized FTEs
*Supporting organizations- M&O, Security, Support Services, A-E, Geotechnical, and Construction Management
0
200
400
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800
1000
DOE
ContractorsandSubcontractors
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Core Business Operations Areas
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Coordinates with Federal, State and LocalResponse Agencies And Private Response Entitles
Emergency Response Teams at Each Site AttendAnnual Firefighting Training and ReceiveHazardous Materials Clean-Up Training
Coordinates with Federal, State and LocalResponse Agencies And Private Response Entitles
Emergency Response Teams at Each Site AttendAnnual Firefighting Training and ReceiveHazardous Materials Clean-Up Training
Emergency Management Emergency Management and Fire Protectionand Fire ProtectionEmergency Management Emergency Management and Fire Protectionand Fire Protection
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Charter Member National Environmental Performance TrackOpen Only To Organizations WithStrong Compliance Record
ISO 14001 Environmental Management System 1st US Bulk Petroleum Storage Entity Certified
Voluntary Protection Programs (VPP) Achieved STAR Status Rating From Occupational Safety And Health Administration (OSHA)
Charter Member National Environmental Performance TrackOpen Only To Organizations WithStrong Compliance Record
ISO 14001 Environmental Management System 1st US Bulk Petroleum Storage Entity Certified
Voluntary Protection Programs (VPP) Achieved STAR Status Rating From Occupational Safety And Health Administration (OSHA)
Environmental, Safety & HealthEnvironmental, Safety & HealthEnvironmental, Safety & HealthEnvironmental, Safety & Health
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Primary Customer Team
Establish Dialogue With Petroleum IndustryPrimary Customers – Refiners and Traders
Open Communications with SPR Stakeholders,the Public, International visitors and Industry
Primary Customer Team
Establish Dialogue With Petroleum IndustryPrimary Customers – Refiners and Traders
Open Communications with SPR Stakeholders,the Public, International visitors and Industry
Customer Customer ServiceServiceCustomer Customer ServiceService
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In 1999 Interagency Agreement W/ Dept of Interior to divert Federal Royalty Oil Payments From Leases in the Gulf Of Mexico to the SPR
In Nov 2001 The President directed the SPR be Filled To 700 mmb Through RIK Program
As Of Dec 06 SPR has received 138.8 mmb Under RIK Program
During 2006, the SPR received 158,746 barrels of RIK oil
In 1999 Interagency Agreement W/ Dept of Interior to divert Federal Royalty Oil Payments From Leases in the Gulf Of Mexico to the SPR
In Nov 2001 The President directed the SPR be Filled To 700 mmb Through RIK Program
As Of Dec 06 SPR has received 138.8 mmb Under RIK Program
During 2006, the SPR received 158,746 barrels of RIK oil
Royalty-In-KindRoyalty-In-KindRoyalty-In-KindRoyalty-In-Kind
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Energy Policy Act of 2005 authorized Secretary of Energy to fill the SPR to 1 billion barrelsEnergy Policy Act of 2005 authorized Secretary of Energy to fill the SPR to 1 billion barrels
On December 8, 2006, Department of Energy selected salt dome at Richton, MS as an expansion siteOn December 8, 2006, Department of Energy selected salt dome at Richton, MS as an expansion site
On February 14, 2007 The Secretary of Energy signed the Record of Decision selecting the following sites for the expansion of the SPR:
Richton (New site)Big Hill (Existing site)Bayou Choctaw (Existing site)
On February 14, 2007 The Secretary of Energy signed the Record of Decision selecting the following sites for the expansion of the SPR:
Richton (New site)Big Hill (Existing site)Bayou Choctaw (Existing site)
Acquisition of AdditionalAcquisition of Additional Storage CapacityStorage Capacity
Acquisition of AdditionalAcquisition of Additional Storage CapacityStorage Capacity
Currently Planning and Development work is underway.Currently Planning and Development work is underway.
Public Scoping meetings/Town Hall Meeting conducted April 7-10, 2008Public Scoping meetings/Town Hall Meeting conducted April 7-10, 2008
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Reference and Helpful LinksReference and Helpful Links
• U.S. Department of Energy Website: www.energy.gov• Energy Information Administration: http://www.eia.doe.gov• U.S. Department of Energy, Fossil Energy Website:
http://www.fe.doe.gov/programs/reserves/• International Oil Stockpiling Symposium Presentations:
http://www.petrostock.org/• Whitehouse Energy and Environment Agenda
www.whitehouse.gov/agenda/energy_and_environment/• Book: “The Strategic Petroleum Reserve- US Energy
Security and Oil Policy, 1975-2005” by Bruce A. Beaubouef, Texas A&M University Press, College Station, 2007.
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Conclusion, Summary and Questions