Not sure where you call the 4 lines, but I assume they are never called because of the asynchronous nature of getting the data from your service?
You should wrap those 4 lines in a function which is then called from the success handler of your ODataModel:
var that = this;
oModel.read("/", null, null, true, function(oData, oResponse) {
that.storeData(oData);
}, null);
storeData : function(oData) {
oBaseModel.setData(oData);
jQuery.sap.require("jquery.sap.storage");
var oStorage = jQuery.sap.storage(jQuery.sap.storage.Type.local);
var oBaseData = oBaseModel.getData();
oStorage.put("BaseData", oBaseData);
}