KEY POINTS:
New Zealand has secured options for 2009 to buy oil and petrol in the event an emergency is declared by the International Energy Agency (IEA).
This country has an IEA obligation to hold 90 days of the previous year's net fuel imports.
Energy and Resources Minister Gerry Brownlee said on Sunday that oil reserves had been secured, ensuring New Zealand would continue to meet the obligation.
The requirement for additional oil reserves to meet the 90-day target has declined over the past three years as New Zealand's domestic production has increased.
Tickets had been secured for 107,000 tonnes of crude oil and petrol for 2009. They covered stock held in Japan and Britain.
That volume compared with additional reserves of 285,000 tonnes in 2008 and 461,000 tonnes in 2007, Brownlee said.
New Zealand's total 90-day obligation for 2009 was 1 million tonnes - down from 1.4 million tonnes in 2007 and 1.2 million tonnes in 2008.
- NZPA
