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These strategic storages are in addition to the existing storages of crude oil and petroleum products with the oil companies and serve in response to external supply disruptions. [7] Indian refiners maintain 64.5 days of crude storage, so India has overall reserve oil storage of 74 days. [8]
India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019. [4] By March 2021, India's domestic crude oil production output fell by 5.2% and natural gas production by 8.1% in the FY21 as producers extracted 30.4917 Mt of crude oil and 28.67 BCM of natural gas in the fiscal year.
Paradip Refinery is an oil refinery set up by Indian Oil Corporation in Paradip town in the state of Odisha. It was commissioned in 2016 with an installed capacity of 15 million tonnes per year. [1] This refinery is spread over approximately 3,345 acres of land and is situated approximately 5 km southwest from the Paradip Port. [2]
After discovery of oil in the Assam state of India in late 1880s, the first oil refinery was set up at Digboi. Digboi Refinery was commissioned in 1901. [1] Following is a list of oil refineries in India, per the Petroleum Planning and Analysis Cell of the Ministry of Petroleum and Natural Gas, Government of India, [2] arranged in decreasing order of their capacity.
In 2015, global capacity for oil storage was out-paced by global oil production and an oil glut occurred. Crude oil storage space became a tradable commodity with CME Group— which owns NYMEX— offering oil-storage futures contracts in March 2015. [3] Traders and producers can buy and sell the right to store certain types of oil. [3]
COT – crude oil tanks. PIT – product and intermediate storage tanks. DISPATCH – dispatch area tanks. UTILITIES – tanks in a power plant area, for storage of water, etc. ISBL – inside-battery-limit tankages. These are usually small tanks found in the production units of a refinery, such as neutralization tanks, water tanks, etc.
The National Iranian Oil Company (NIOC) began construction of 15 crude oil storage tanks with a capacity of 10,000,000 barrels (1,600,000 m 3). [64] In August 2008, Iran announced plans to expand the SPR with a new facility on Kharg Island with four tanks holding 1,000,000 barrels (160,000 m 3 ) each.
[4] [5] The crude oil feedstock has typically been processed by an oil production plant. There is usually an oil depot at or near an oil refinery for the storage of incoming crude oil feedstock as well as bulk liquid products. In 2020, the total capacity of global refineries for crude oil was about 101.2 million barrels per day. [6]