WASHINGTON DC. – Today, US Secretary of Energy Dan Brouillette and Australian Minister of Energy and Emission Reduction Angus Taylor participated in a virtual signing ceremony to finalize the US-Australia SPR Lease Agreement. This lease agreement was built based on an agreement signed in March that allows each Australian share held in an SPR to be calculated based on Australia’s compliance obligations with the International Energy Agency (IEA).
This historic agreement will allow Australia to rent space in the U.S. Strategic Petroleum Reserve (SPR) to store Australian-owned oil and access this oil during emergencies, as stated by the IEA or Australia for domestic supply shortages. The agreement originated from discussions between President Donald J. Trump and Prime Minister Scott Morrison in Washington in September 2019, and will strengthen international energy security and security. This is the first time the United States has leased SPR excess capacity to other countries.
Both Ministers acknowledged changes in the energy landscape over the past few months, and how the COVID-19 pandemic has reaffirmed the importance of energy security and strong US-Australian relations.
Today’s agreement will deepen those relations, advance the strategic interests of the two countries, and strengthen global energy stability. This will also enable Australia to make progress in their sovereignty energy goals and benefit from the current low oil prices.
Secretary Brouillette and Minister Taylor said this Agreement was a lasting sign of the US-Australia partnership in energy security through a period of crisis and a period of prosperity, and hoped to strengthen this collaboration in the years to come.
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