DOE requires oil, gas firms to fully disclose storage capacity

MANILA, Philippines – The Department of Energy (DOE) has issued an advisory requiring oil and gas firms to disclose their available storage capacity in depots and terminals nationwide. 

The advisory requires all downstream oil industry players that own, lease, and operate terminals or depots to regularly report their total and available storage capacities. This will allow the department to closely monitor supply levels.

“This measure is part of the government’s proactive efforts to ensure stability, adequacy, and efficient distribution of the country’s fuel supply amid ongoing global energy market disruptions,” the DOE said.

The energy department also warned that non-compliance may result in appropriate regulatory action, such as the cancellation or suspension of a company’s permits.

The advisory also authorizes the Philippine National Oil Company to utilize available private storage to support the country’s petroleum requirements.

According to DOE Secretary Sharon Garin, the Philippines’ available fuel inventory can last up to 50.31 days as of Friday, April 10.

Garin also said that the government ordered additional liquified petroleum gas (LPG) stock this week since the current inventory remains low. The country’s LPG supply can last just up to 36 days compared to 54 days for gasoline and 48 days for diesel.

“The delivery window for this cargo is sometime in the second to third week of May, so this will boost our LPG buffer stock,” she said.

While the latest fuel inventory duration is slightly lower than the previous week’s 50.42 days, a fresh shipment of diesel is scheduled to arrive in the country by week’s end.  – Rappler.com