Oil and gas storage devices are collectively termed as “storage tanks”. They imply long- or short-term storage. This term could be used with respect to manufactured containers or reservoirs (artificial ponds and lakes). The storage devices could be categorized as follows:
- PIT – product and intermediate storage tankages
- OSBL tanks – outside battery limit tankages
- UTILITIES – tanks devised in power plant premises
- COT – crude oil tank
- DISPATCH – dispatch area tankages
- ISBL tanks – mini tanks located in a refinery’s production units
MEA has been at the forefront with regards to oil and gas storage devices market. On Nov 27, 2018, a project storing carbon dioxide, that too in saline aquifer around the UK did get a nod from Scottish government. As such, Europe is also catching up. This nod is expected to drive the oil and gas storage devices market in the years to come. North America stands third as far as oil and gas storage devices market is concerned.
The factors that are likely to hamper the growth of this market include probability of tank failures, threat of technical challenges and theft to the storage systems. Petroleum products and crude oil get stored in huge tanks; whereas petroleum products and crude oil find their storage in the circular floating roof tanks. LPG’s and natural gas’ storage is spherical tanks. LNG (liquefied natural gas) stays stable at atmospheric pressure and that’s why could be stored in spherical or circular tanks.
The APAC is also on its way to compete. Reliance’s oil refinery in Jamnagar (India) is amongst the largest refineries in the world. The other driver to the market is decline in the prices of crude oil. Innovation in this field includes “mobile” storage tanks. They include LNG carriers, ocean-going oil tankers, highway and road traveling tankers, and railroad tank cars.