National Oil Reserves Agency Act 2007
Number 7 of 2007
NATIONAL OIL RESERVES AGENCY ACT 2007
REVISED
Updated to 1 January 2024
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 the Electoral (Amendment) Act 2023 (40/2023), enacted 19 December 2023, and all statutory instruments up to and including the Sick Leave Act 2022 (Increase of Statutory Sick Leave Days) Order 2024 (S.I. No. 1 of 2024), made 1 January 2024, 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 1 January 2024
ARRANGEMENT OF SECTIONS
Preliminary and General
Section
1. Short Title and commencement.
Share Transfer
6. Transfer costs and stamp duty.
The National Oil Reserves Agency
8. Object and functions of Agency.
12. Exercise by Minister of functions exercisable by shareholders.
13. Memorandum and articles of association.
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.
23. Membership of either House of Oireachtas, European Parliament or local authority.
24. Unauthorised disclosure of confidential information.
30. Information to Minister on performance of functions.
31. Information to Oireachtas on performance of functions.
Maintenance of Oil Stocks
35. Release of oil stocks in cases of particular urgency.
Levy on Relevant Disposals of Petroleum Products
37. Liability of oil companies and oil consumers to pay levy.
37A. Payment into Climate Action Fund by direction of Minister.
42. Interest on unpaid amount of assessment.
43. Recovery of unpaid levy and interest.
44. Regulations relating to levy.
Renewable Transport Fuel Obligation
44B. Conversion factors. (Repealed)
44DA. Prohibition on certification of supply of certain biofuels and biogas.
44E. Renewable transport fuel obligation account.
44F. Management of renewable transport fuel accounts.
44G. Renewable transport fuel obligation certificates.
44GA. Obligation to include minimum percentage volume of renewable transport fuel.
44I. Compliance with renewable transport fuel obligation.
44J. Discharge of renewable transport fuel obligation or advanced biofuel obligation by payment.
44K. Transfer of renewable transport fuel obligation certificates.
44M. Revocation of renewable transport fuel obligation certificates.
44N. Renewable transport fuel levy.
44P. Calculation of renewable transport fuel levy.
44Q. Renewable transport fuel levy assessment notice.
44R. Interest on unpaid amount of assessment.
44S. Recovery of unpaid renewable transport fuel levy and interest.
44T. Regulations relating to renewable transport fuel levy.
44U. Minister’s power to make regulations relating to returns.
44V. Formula for determining interest rate.
44X. Renewable transport fuel standards.
44Y. Exemption from renewable transport fuel obligation in cases of particular urgency.
Enforcement Provisions
47. Powers of authorised officers.
49. Duty of authorised officers to report certain matters.
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.
Miscellaneous Provisions
57. Regulations to give effect to acts of European Communities.
58A. Regulations and orders- Minister for Transport.
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.
65. Offences by bodies corporate.
70. Provision of information by Minister to Minister for Transport.
Schedule 1
Section 32
Schedule 2
Method for calculating the crude oil equivalent of inland consumption
Schedule 3
Method for calculating the level of stocks held
Acts Referred to
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1963, No. 33 |
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Companies Acts |
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1995, No. 22 |
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1997, No. 2 |
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1999, No. 2 |
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1997, No. 13 |
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2001, No. 26 |
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2001, No. 37 |
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Petty Sessions (Ireland) Act 1851 |
14 & 15 Vic., c. 50 |
Number 7 of 2007
NATIONAL OIL RESERVES AGENCY ACT 2007
REVISED
Updated to 1 January 2024
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.
[13th March, 2007]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Annotations
Modifications (not altering text):
C1
Functions transferred and references to the Minister for and Department of the Environment, Climate and Communications construed (28.02.2023, vesting day) by Oil Emergency Contingency and Transfer of Renewable Transport Fuels Functions Act 2023 (2/2023), ss. 23, 24, 28, S.I. Nos. 81, 82 of 2023, subject to transitional provisions in ss. 25-27, 29.
Transfer of functions to Minister for Transport
23. The functions conferred on the Minister by or under—
(a) sections 44A, 44C, 44D, 44E, 44F, 44G, 44H, 44I, 44J, 44K, 44L, 44M, 44N, 44Q, 44R, 44S, 44T, 44V, 44W and 44X of the Act of 2007, ...
are transferred to the Minister for Transport on the vesting day.
Transfer of administration and business
24. (1) The administration and business in connection with the performance of the functions transferred by section 23 are, on the vesting day, transferred to the Department of Transport.
(2) References to the Department of the Environment, Climate and Communications contained in any enactment (other than this Act) in so far as they relate to the administration and business transferred by subsection (1) shall, from the vesting day, be construed as references to the Department of Transport.
...
Construction of references to Minister
28. (1) References to the Minister contained in any enactment (other than this Act) in so far as they relate to any function transferred by section 23 shall, from the vesting day, be construed as references to the Minister for Transport.
...
C2
Functions transferred and “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
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Number and Year (1) |
Short Title (2) |
Provision (3) |
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... |
... |
... |
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No. 7 of 2007 |
Sections 44(1)(a), 44B(3)(b)(ii), 44D(4)(b)(i), 44J(5)(a) and (7)(b)(i) and 44T(1) |
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... |
... |
... |
C3
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
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Number and Year (1) |
Short Title (2) |
Provision (3) |
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... |
... |
... |
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No. 7 of 2007 |
Sections 4, 8, 9, 10, 11, 13, 16, 29, and 31A |
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|
... |
... |
... |
C4
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
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Number and Year |
Short Title |
Provision |
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(1) |
(2) |
(3) |
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... |
... |
... |
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No. 7 of 2007 |
National Oil Reserves Agency Act 2007 |
Sections 26 and 27 |
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... |
... |
... |
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).