Nigeria has for long been a significant producer of crude oil ever since the primary industrial nicely was drilled in Oloibiri in current day Bayelsa state. The nation presently has an estimated 35.3 billion barrels of hydrocarbon both onshore and offshore property mostly domiciled in the Niger Delta basin. Nigeria presently ranks tenth in probably the most petroleum-wealthy nation, and by the far probably the most affluent in Africa producing over two million 2,000,000 barrels per day.
Nigeria’s hydrocarbon is labeled mostly as “lightand “sweet as the oil is largely free of sulphur. Nigeria is the largest producer of sweet oil in OPEC, the organization for petroleum exporting countries. This sweet oil is comparable in composition to petroleum extracted from the North Sea. This crude oil is known as “Bonny light Names of different Nigerian crudes, all of which are named in accordance with export terminal, are Qua Ibo, Escravos mix, Brass rivers, Forcados, and Pennington Anfan.
Funding opportunities within the oil and fuel trade in Nigeria could be stratified along three categories particularly the up-stream, center stream and down-stream sectors. Whereas the middle-stream and downstream sectors as to do with importation, storage and advertising and marketing of refined petroleum products,the upstream sector is devoted to the exploration ,manufacturing and refining of hydrocarbons.
For far too long the nation has been dependant on importation of refined petroleum products due to the very fact the 4 crude oil refinery in Nigeria cannot meet the local demand for the product which at the moment stands at an estimated sixty million 60,000,000 liters of refined petroleum products PMS, DPK and In the past per day.
Actually there has never been a doubt about the big dimension of the Nigeria market for the refined petroleum products which is one among the largest in Africa; the issue has been that of authorities coverage and regulation. The idea of utilizing subsidy to augment the retail value of refined petroleum products in Nigeria though a very good initiative encourages the importation of the product than native refining of the product.
In view of the recent ban on subsidy, the coast is now clear for savvy investors to the opportunity and invests the native refining of hydrocarbon in Nigeria hence the necessity for this article to raise awareness about the chance.
The Mini Refinery & Portable Crude Oil Distillation Plant is able to processing from 2,000 Barrels Per Day (BPD) of any stream of Gentle or Heavy Crude Oil inside API Gravity of 29°- forty two.8°, into Naphtha, Diesel, Kerosene and Gasoline Oil.
Mini Refineries are ideally suited for remote locations and are viable for Investments by Personal and Public Sector Groups as a source of speedy manufacturing of major fuel merchandise and raw materials for Petrochemical Downstream Industries.
The investor can apply for oil block allocation or associate with government at completely different degree on a PPP basis to guarantee funding and feedstock for the production plant.
Establishing a crude oil refinery requires approval from the division of petroleum assets, the petroleum regulatory organisation in Nigeria.
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