What is a modular refinery?

What is a modular refinery?

A modular refinery is a simplified refinery requiring significantly less capital investment than traditional full-scale refineries. They are crude oil processing facilities with capacities of up to 30,000 barrels per day.

How much does a modular refinery cost?

For a 100,000-bpd conventional refinery, it will require not less than $1.5 billion and above, while for three (3 x 30,000) bpd modular refineries14 which is just about $750 million ($250 million per modular refinery).

How many modular refineries are in Nigeria?

There are currently five (5) refineries in Nigeria; of which four (4) plants are owned by the Nigerian Government through the Nigerian National Petroleum Corporation (NNPC), while the fifth is owned and operated by Niger Delta Petroleum Resources (NDPR).

Can modular refinery produce PMS?

“What do you need to do to produce PMS? It is to put additional investment that will put in the cracker required to produce the PMS. But in this period why they (modular refineries) cannot produce PMS is because we are under full regulation,” he added.

What is the capacity of a modular refinery?

30,000 b/d

Modular refineries are crude oil processing facilities with capacities of up to 30,000 b/d, and are being built as part of plans to curb oil theft and promote peace in the country’s main oil-producing region.

How much does it cost to build a refinery?

The capital outlay for any 100,000-barrel per day (bpd) refinery is about $1.5 billion or more, while a 24,000 bpd modular refinery is roughly $250 million.

Do refineries make money?

Refineries make money by way of the crack spread; as noted earlier, it’s the difference between how much they pay to buy raw crude oil and how much they make when selling the finished refined petroleum products. This spread fluctuates with the price of oil and with demand for refined products.

How much will it cost to build a refinery?

Where is the modular refinery in Nigeria?

BENIN CITY – THE Nigerian Content Development and Monitoring Board (NCDMB) has said that the Duport Midstream Company Limited (DMCL) with licence to refine petroleum products would commence operation in July 2022.

How long does it take to build a refinery?

Once the project funding is complete around the first of 2021, Prentice says the actual construction of the plant itself will take about 3 years, allowing America’s first new greenfield refinery in almost half a century to kick off operations in early 2024, a dozen years after the planning phase began.

How many private refinery do we have in Nigeria?

The Department of Petroleum Resources (DPR) has published a list of private refineries with a valid permit to operate in Nigeria. As of March 2021, the number of valid refinery project licences stood at 23, with a total capacity of 1.09 million barrels per day (bpd) .

How much does a small refinery cost?

Finally, the North American Industry Classification Codes (NAICC) identifies the construction costs for small oil and gas structures at below $33.5 million. However, the smallest refinery currently under construction, a 20,000 b/d refinery in North Dakota, reportedly will cost $350 million.

Who owns the largest refinery in the world?

Reliance Industries
Located in India, the Reliance Industries-owned Jamnagar Refinery is the largest oil refinery in the world. As of 2021, the Jamnagar Refinery held a capacity of 1.24 million barrels per day, topping refineries, such as the SK Energy Co. refinery in Ulsan, South Korea and the Paraguana Refinery Complex.

Why are no new refineries being built?

New refineries are unlikely to be built in the United States due to daunting environmental standards and policies that the Biden administration has been implementing to reduce petroleum product consumption in the future. Shockingly high prices for energy is the outgrowth of those policies.

Which is the world largest refinery?

Jamnagar Refinery
Located in India, the Reliance Industries-owned Jamnagar Refinery is the largest oil refinery in the world.

Who is the owner of Waltersmith?

Abdulrazaq Isa
Abdulrazaq Isa is the Chairman and Co-Founder of Waltersmith Group of Companies. He is a seasoned entrepreneur and astute international businessman with over 30 years of experience in business, financial services and the oil & gas industry.

What is the cost of building a refinery?

What are the 4 refineries in Nigeria?

shown in Figure 1, Nigeria has 4 existing refineries; Kaduna Refining and petrochemical company (KPRC) located at Chikun Local Government of Kaduna State operating at 110,000 bbl/day; Warri Refining and petro- chemical company (WRPC) located at Warri southwest local government of Nigeria’s Delta State with an in- …

How do I get a refinery license in Nigeria?

Required Documents[edit]

  1. Proof of registration with CAC.
  2. Legal documents of partnership (if any)
  3. Memorandum and Articles of Association (certified true copy)
  4. Evidence of joint venture/partnership Agreement.
  5. Profile of the company.
  6. Three (3) years Audited Account.
  7. Tax Certificate (Nigerian companies)

Are refineries shutting down?

Five refineries have shut down in the United States in just the past two years, reducing the nation’s refining capacity by about 5 percent and eliminating more than 1 million barrels of fuel per day from the market, leaving the remaining facilities straining to meet demand.

Which country has most oil refineries?

The United States had the world’s largest oil refinery capacity as of 2021, at nearly 18 million barrels of oil per day. Oil refineries process crude oil into more useful products. Common oil refinery products include diesel fuel, heating oil, and gasoline.

How many refineries have shut down?

Why doesn’t the US produce its own oil?

The reason that U.S. oil companies haven’t increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven’t chosen to invest in new oil production.

Why is U.S. not pumping more oil?

The biggest reason oil production isn’t increasing is that U.S. energy companies and Wall Street investors are not sure that prices will stay high long enough for them to make a profit from drilling lots of new wells.

Who owns most of the oil in the world?

How the accessibility of oil reserves impacts profitability. Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels.

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