Us strategic petroleum reserve

What is the Strategic Petroleum Reserve?

The Strategic Petroleum Reserve (SPR) is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts.

What is the Strategic Petroleum Reserve (SPR) contract?

The Department of Energy has awarded Strategic Storage Partners a five-year, $1.4 billion contract to manage and operate the Strategic Petroleum Reserve, or SPR. The DOE said Thursday, the contract covers operation and maintenance services for the four SPR facilities and systems in Louisiana and Texas.

What was the investment for crude oil in the SPR?

About $20.7 billion was invested for crude oil in the Strategic Petroleum Reserve (SPR).

How long does the Strategic Petroleum Reserve contract last?

Under the contract, Strategic Storage partners will go through a transition period and gain full operational control of the SPR facilities on June 15. After the five-year period of performance, the DOE has the option to extend the contract for another five years. What Is the Strategic Petroleum Reserve?

How many barrels of crude oil can a SPR facility store?

Each SPR facility can store up to 714 million barrels of crude oil. Fluor Federal Petroleum Operations was previously responsible for the management and operations of the SPR facilities. It was initially awarded a $1.46 billion contract in 2013 and a $2 billion extension in 2018.

Which oil reserves are located on the north slope of Alaska?

Alaska: The National Petroleum Reserve-Alaska (NPRA) is another significant oil reserve, located on the North Slope of Alaska. It contains vast undiscovered oil resources 14. The U.S. Strategic Petroleum Reserve (SPR) is a vital component of the U.S. energy infrastructure, providing significant storage capacity and strategic locations.