National Oil Reserves Agency Act 2007 (No. 7 of 2007). Country/Territory Ireland Document type Legislation Date 2007 (2022) Source FAO, FAOLEX Long titleAn 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. Subject Mineral resources, General Keyword Resource/damage valuation Institution Oil Public private partnership (PPP) Geographical area Atlantic Ocean Islands, Europe, Europe and Central Asia, European Union Countries, North Atlantic, North-East Atlantic, Northern Europe Abstract The Act provides for the transfer of share owned by Irish National Petroleum Corporation Limited in National Oil Reserves Agency Limited. The Act also under Part 3 rules that the National Oil Reserves Agency Limited continues in existence under this Act, but is to be known as An Ghníomhaireacht Chúltaca Ola Náisiúnta or, in the English language, as the National Oil Reserves Agency. The principal object of the Agency is to perform the functions assigned under this Act, including the functions of (a) maintaining, in accordance with Part 4 , oil stocks; (b) providing advice, information or guidance to the Minister on any matter relating to the holding of oil stocks; (c) collecting and recovering the levy; (d) providing consultancy, advisory, technical assistance and contract services (including research and training services) in the State or elsewhere; (e) representing a Minister of the Government at meetings of international bodies in so far as the meetings relate to the holding of oil stocks. Full text English Website revisedacts.lawreform.ie References - Legislation Amended by Climate Action and Low Carbon Development (Amendment) Act 2021 (No. 32 of 2021). Legislation | Ireland | 2021 Keyword: Oil, Special fund, Biodiversity, Climate change, Hazards, Early warning system, Local government, Policy/planning, Risk assessment/management Source: FAO, FAOLEX