National Oil Reserves Agency Act 2007


Number 7 of 2007


NATIONAL OIL RESERVES AGENCY ACT 2007

REVISED

Updated to 8 February 2019


This Revised Act is an administrative consolidation of the National Oil Reserves Agency Act 2007. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including Hallmarking (Amendment) Act 2019 (2/2019), enacted 14 February 2019, and all statutory instruments up to and including National Oil Reserves Agency Act 2007 (Biofuel Obligation Rate) Order 2019 (S.I. No. 38 of 2019), made 8 February 2019, were considered in the preparation of this revision.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.


Number 7 of 2007


NATIONAL OIL RESERVES AGENCY ACT 2007

REVISED

Updated to 8 February 2019


Introduction

This revision presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.

Related legislation

This Act is not collectively cited with any other Act.

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

Energy Act 2016 (12/2016)

Freedom of Information Act 2014 (30/2014)

Energy (Miscellaneous Provisions) Act 2012 (3/2012)

Ministers and Secretaries (Amendment) Act 2011 (10/2011)

Central Bank Reform Act 2010 (23/2010)

Energy (Biofuel Obligation and Miscellaneous Provisions) Act 2010 (11/2010)

All Acts up to and including Hallmarking (Amendment) Act 2019 (2/2019), enacted 14 February 2019, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

National Oil Reserves Agency Act 2007 (Biofuel Obligation Rate) Order 2019 (S.I. No. 38 of 2019)

National Oil Reserves Agency Act 2007 (Biofuel Obligation Rate) Order 2018 (S.I. No. 198 of 2018)

European Union (Oil Reserves) (Amendment) Regulations 2016 (S.I. No. 231 of 2016)

National Oil Reserves Agency Act 2007 (Biofuel Obligation Rate) Order 2016 (S.I. No. 225 of 2016)

European Union (Renewable Energy) Regulations 2014 (S.I. No. 483 of 2014)

National Oil Reserves Agency Act 2007 (Biofuel Obligation Rate) Order 2012 (S.I. No. 562 of 2012)

European Union (Oil Reserves) Regulations 2012 (S.I. No. 541 of 2012)

European Union (Biofuel Sustainability Criteria) Regulations 2012 (S.I. No. 33 of 2012)

Finance (Transfer of Departmental Administration and Ministerial Functions) (No. 2) Order 2011 (S.I. No. 480 of 2011)

Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 (S.I. No. 418 of 2011)

National Oil Reserves Agency Act 2007 (Biofuel Obligation Buy-out Charge) Regulations 2010 (S.I. No. 644 of 2010)

National Oil Reserves Agency Act 2007 (Returns and Biofuel Levy) Regulations 2010 (S.I. No. 356 of 2010)

European Communities (Repeal of Section 26(4) of the National Oil Reserves Agency Act 2007) Regulations 2009 (S.I. No. 247 of 2009)

National Oil Reserves Agency Act 2007 (Returns and Levy) (Amendment) (No. 2) Regulations 2009 (S.I. No. 220 of 2009)

National Oil Reserves Agency Act 2007 (Returns and Levy) (Amendment) Regulations 2009 (S.I. No. 214 of 2009)

Occupational Pension Schemes (Preservation of Benefits) (Amendment) Regulations 2009 (S.I. No. 70 of 2009)

National Oil Reserves Agency Act 2007 (Returns and Levy) Regulations 2007 (S.I. No. 567 of 2007)

National Oil Reserves Agency Act 2007 (Share Transfer Day) Order 2007 (S.I. No. 566 of 2007)

National Oil Reserves Agency Act 2007 (Remaining Provisions) (Commencement) Order 2007 (S.I. No. 565 of 2007)

National Oil Reserves Agency Act 2007 (Share Transfer) Order 2007 (S.I. No. 155 of 2007)

National Oil Reserves Agency Act 2007 (Parts 1 and 2) (Commencement) Order 2007 (S.I. No. 153 of 2007)

All statutory instruments up to and including National Oil Reserves Agency Act 2007 (Biofuel Obligation Rate) Order 2019 (S.I. No. 38 of 2019), made 8 February 2019, were considered in the preparation of this revision.


Number 7 of 2007


NATIONAL OIL RESERVES AGENCY ACT 2007

REVISED

Updated to 8 February 2019


ARRANGEMENT OF SECTIONS

PART 1

Preliminary and General

Section

1. Short Title and commencement.

2. Interpretation.

3. Expenses.

PART 2

Share Transfer

4. Transfer to Minister of share owned by Irish National Petroleum Corporation Limited in National Oil Reserves Agency Limited.

5. Share transfer day.

6. Transfer costs and stamp duty.

PART 3

The National Oil Reserves Agency

7. Continuation of Agency.

8. Object and functions of Agency.

9. Additional functions.

10. Share capital of Agency.

11. Issue of shares.

12. Exercise by Minister of functions exercisable by shareholders.

13. Memorandum and articles of association.

14. Board of directors.

15. Strategy statement.

16. Power to establish subsidiaries.

17. Power to charge and recover fees.

18. Power to engage consultants and advisers.

19. Chief executive (appointment and term of office).

20. Functions of chief executive.

21. Staff of Agency.

22. Superannuation.

23. Membership of either House of Oireachtas, European Parliament or local authority.

24. Unauthorised disclosure of confidential information.

25. Code of conduct.

26. Power to borrow.

27. Temporary borrowing.

28. Annual report.

29. Accounts and audit.

30. Information to Minister on performance of functions.

31. Information to Oireachtas on performance of functions.

31A. Appointment of National Treasury Management Agency to act on behalf of Agency in certain matters.

PART 4

Maintenance of Oil Stocks

32. Duty of Agency.

33. Holding contracts.

34. Duties of Minister.

35. Release of oil stocks in cases of particular urgency.

PART 5

Levy on Relevant Disposals of Petroleum Products

36. Definitions for Part 5 .

37. Liability of oil companies and oil consumers to pay levy.

38. Exemptions from levy.

39. Volume assessment.

40. Calculation of levy.

41. Levy assessment notice.

42. Interest on unpaid amount of assessment.

43. Recovery of unpaid levy and interest.

43A. Exchange of Information.

44. Regulations relating to levy.

PART 5A

Biofuel Obligation

44A. Definitions for Part 5A.

44B. Conversion factors.

44C. Biofuel obligation.

44D. Rate of biofuel obligation.

44E. Biofuel obligation account.

44F. Management of biofuel obligation accounts.

44G. Biofuel obligation certificates.

44H. Statement of account.

44I. Compliance with biofuel obligation.

44J. Discharge of biofuel obligation by payment.

44K. Transfer of biofuel obligation certificates.

44L. Cancellation of biofuel obligation certificate where biofuel exported from the State.

44M. Revocation of biofuel obligation certificates.

44N. Biofuel levy.

44O. Volume assessment.

44P. Calculation of biofuel levy.

44Q. Biofuel levy assessment notice.

44R. Interest on unpaid amount of assessment.

44S. Recovery of unpaid biofuel levy and interest.

44T. Regulations relating to biofuel levy.

44U. Minister’s power to make regulations relating to returns.

44V. Formula for determining interest rate.

44W. Keeping of records.

44X. Biofuel standards.

PART 6

Enforcement Provisions

45. Definitions for Part 6.

46. Authorised officers.

47. Powers of authorised officers.

48. Search warrants.

49. Duty of authorised officers to report certain matters.

50. Offences.

51. Indemnification.

PART 7

Amendments and Revocation

52. Amendment of section 7 of Act of 2001.

53. Amendment of section 8 of Act of 2001.

54. Amendment of section 9 of Act of 2001.

55. Amendment of Third Schedule to Freedom of Information Act 1997.

56. Revocation.

PART 8

Miscellaneous Provisions

57. Regulations to give effect to acts of European Communities.

58. Regulations and orders.

59. Minister’s power to make regulations relating to returns.

59A. Claims for repayment where overpayment in respect of levy or biofuel levy.

60. Laying of regulations and orders before Houses of Oireachtas.

61. Power of Minister to apply for compliance order and issue directions.

62. Minister’s prior approval required for certain contracts, holding contract obligations, etc.

63. Burden of proof in certain proceedings.

64. Prosecution of offences.

65. Offences by bodies corporate.

66. Penalties.

67. Giving of notices.

68. Contingency planning for an oil supply disruption.


Acts Referred to

Companies Act 1963

1963, No. 33

Companies Acts

Ethics in Public Office Act 1995

1995, No. 22

European Parliament Elections Act 1997

1997, No. 2

Finance Act 1999

1999, No. 2

Freedom of Information Act 1997

1997, No. 13

Irish National Petroleum Corporation Limited Act 2001

2001, No. 26

Local Government Act 2001

2001, No. 37

Petty Sessions (Ireland) Act 1851

14 & 15 Vic., c. 50


Number 7 of 2007


NATIONAL OIL RESERVES AGENCY ACT 2007

REVISED

Updated to 8 February 2019


AN ACT TO PROVIDE FOR THE TRANSFER OF THE SHARE HELD BY THE IRISH NATIONAL PETROLEUM CORPORATION LIMITED IN THE NATIONAL OIL RESERVES AGENCY LIMITED TO THE MINISTER FOR COMMUNICATIONS, MARINE AND NATURAL RESOURCES; TO CONTINUE IN EXISTENCE THE NATIONAL OIL RESERVES AGENCY LIMITED AS AN GHNÍOMHAIREACHT CHÚLTACA OLA NÁISIÚNTA OR THE NATIONAL OIL RESERVES AGENCY; TO DEFINE ITS FUNCTIONS, INCLUDING THOSE RELATING TO OIL STOCKHOLDING OBLIGATIONS; TO IMPOSE A LEVY ON RELEVANT DISPOSALS OF PETROLEUM PRODUCTS; TO AMEND THE IRISH NATIONAL PETROLEUM CORPORATION LIMITED ACT 2001; AND TO PROVIDE FOR RELATED MATTERS.

[13 th March, 2007]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations:

Modifications (not altering text):

C1

Functions transferred and terms “Minister for Finance” and “Department of Finance” construed (20.09.2011) by Finance (Transfer of Departmental Administration and Ministerial Functions) (No. 2) Order 2011 (S.I. No. 480 of 2011), arts. 2, 3, 4 and sch., in effect as per art. 1(2).

2. (1) The administration and business in connection with the exercise, performance or execution of any functions transferred by this Order are transferred to the Department of Public Expenditure and Reform.

(2) References to the Department of Finance contained in any Act or any instrument made thereunder and relating to any administration and business transferred by paragraph (1) shall, from the commencement of this Order, be construed as references to the Department of Public Expenditure and Reform.

3. The functions conferred on the Minister for Finance by or under—

( a) the provisions of the enactments specified in the Schedule, and

...

are transferred to the Minister for Public Expenditure and Reform.

4. References to the Minister for Finance contained in any Act or instrument made under an Act and relating to any functions transferred by this Order shall, from the commencement of this Order, be construed as references to the Minister for Public Expenditure and Reform.

...

SCHEDULE

Enactments

Number and Year

(1)

Short Title

(2)

Provision

(3)

...

...

...

No. 7 of 2007

National Oil Reserves Agency Act 2007

Sections 44(1)(a), 44B(3)(b)(ii), 44D(4)(b)(i), 44J(5)(a) and (7)(b)(i) and 44T(1)

...

...

...

C2

Functions transferred and terms “Minister for Finance” and “Department of Finance” construed (29.07.2011) by Finance (Transfer of Departmental Administration and Ministerial Functions) Order 2011 (S.I. No. 418 of 2011), arts. 2, 3, 5 and sch. 1 part 2, in effect as per art. 1(2).

2. (1) The administration and business in connection with the performance of any functions transferred by this Order are transferred to the Department of Public Expenditure and Reform.

(2) References to the Department of Finance contained in any Act or instrument made thereunder and relating to the administration and business transferred by paragraph (1) shall, on and after the commencement of this Order, be construed as references to the Department of Public Expenditure and Reform.

3. The functions conferred on the Minister for Finance by or under the provisions of:

( a) the enactments specified in Schedule 1, and

...

are transferred to the Minister for Public Expenditure and Reform.

...

5. References to the Minister for Finance contained in any Act or instrument under an Act and relating to any functions transferred by this Order shall, from the commencement of this Order, be construed as references to the Minister for Public Expenditure and Reform.

...

Schedule 1

Enactments

...

Part 2

1922 to 2011 Enactments

Number and Year

(1)

Short Title

(2)

Provision

(3)

...

...

...

No. 7 of 2007

National Oil Reserves Agency Act 2007

Sections 4, 8, 9, 10, 11, 13, 16, 29, and 31A

...

...

...

C3

Functions transferred and references to “Minister” and “Department of Finance” construed (6.07.2011) by Ministers and Secretaries (Amendment) Act 2011 (10/2011), ss. 7, 9, 11 and sch. 2 part 1, commenced as per s. 1(2).

Department of Public Expenditure and Reform.

7.— (1) There shall stand established on the appointed day a Department of State to be known, in the Irish language, as an Roinn Caiteachais Phoiblí agus Athchóirithe or, in the English language, as the Department of Public Expenditure and Reform.

(2) The member of the Government who is in charge of the Department of Public Expenditure and Reform—

(a) shall be known, in the Irish language, as an tAire Caiteachais Phoiblí agus Athchóirithe or, in the English language, as the Minister for Public Expenditure and Reform, and

(b) is, in this Act, referred to as the “Minister”.

...

Transfer of certain other functions to Minister.

9.— ...

(3) The functions conferred on the Minister for Finance by or under any of the provisions specified in Part 2 of Schedule 2 are transferred to the Minister.

...

Transfer of administration and business of Department of Finance.

11.— (1) The administration and business in connection with the performance of the functions transferred by sections 8 and 9 are hereby transferred to the Department of Public Expenditure and Reform.

(2) References to the Department of Finance contained in any statute or instrument under a statute in so far as they relate to the administration and business transferred by subsection (1) shall, from the appointed day, be construed as references to the Department of Public Expenditure and Reform.

...

SCHEDULE 2

Functions Transferred To Minister

...

PART 1

Functions performable with consent of Minister for Finance

STATUTES

Number and Year

Short Title

Provision

(1)

(2)

(3)

...

...

...

No. 7 of 2007

National Oil Reserves Agency Act 2007

Sections 26 and 27

...

...

...

Editorial Notes:

E1

National Oil Reserves Agency designated an exempt agency and not a public body for purposes of Freedom of Information Act 2014 (14.10.2014) by Freedom of Information Act 2014 (30/2014), s. 6(3) and sch. 1 part 2, commenced on enactment subject to transitional provision in s. 1(3).