APTIM and BWX Technologies win $1.4bn contract to manage US Strategic Petroleum Reserve

From Yahoo Finance: 2025-04-10 11:18:00

APTIM and BWX Technologies secure a $1.4bn contract from the US Department of Energy to manage the Strategic Petroleum Reserve (SPR) in Louisiana and Texas. The joint venture, Strategic Storage Partners, will oversee operations for five years, with a five-year extension option. The estimated contract value is $2.6bn over ten years.

The SPR, with 714 million barrels of crude oil, aims to minimize US petroleum supply disruptions and support the International Energy Programme. Federally owned oil stocks are stored in underground salt caverns at four sites along the Gulf Coast. The DOE purchased 4.65mbbl of crude oil for the SPR last year.

Strategic Storage Partners, formed by APTIM Federal Services and BWXT Technical Services Group, will focus on safely managing the SPR’s structures and systems. The contract includes maintaining facilities, ensuring quality control, and implementing innovative operational approaches. APTIM CEO Mark Fallon expressed honor in serving the SPR’s essential mission.

BWXT Technical Services Group president Heatherly Dukes highlighted the importance of the Strategic Petroleum Reserve in protecting the nation’s economic and security interests. The partnership with APTIM brings expertise in safe, secure, high-quality operations to this vital part of the nation’s energy infrastructure.



Read more at Yahoo Finance: APTIM, BWX secure $1.4bn contract to manage US Strategic Petroleum Reserve