Oil and fuel storage are at a premium in 2021, and many experts say the demand will only grow over the next several years. A confluence of factors is responsible for the boom.
According to a recent report from industry analysts Grand View Research, increasing oil and gas production activities, along with the growing demand for crude oil in several end-use sectors, are expected to drive storage growth through 2027. Suppliers are focusing on inventories and infrastructure development to store crude oil in large quantities in order to meet rising crude oil demand worldwide. In addition, fluctuating crude oil prices have resulted in oil-importing countries safeguarding their energy security through increased and enhanced oil storage. The growing trend across several countries to create strategic petroleum reserves is further placing storage at a premium.
Crude oil supply greatly outpaced crude oil demand over the past year due to the COVID-19 pandemic. This imbalance resulted in an increasing share of oil storage capacity across several countries, propelling demand. However, the presence of stringent regulations associated with oil stockpiling in below- and above-ground tanks can make increasing storage capacity a challenging proposition for some facilities.
Aura Engineering can help. Our experienced team has the know-how to lead your organization’s storage facility construction or retrofit. We take pride in ensuring that everything we design and build is compliant with government regulations and safety best practices.
API 650 prescribes storage tank design requirements that minimize the risk of structural failure and potential damage to the environment. The standard does not prescribe tank dimensions or features that should be included in the design. These are specified by users to suit their individual needs and application.
Aura specializes in both fixed-roof and floating-roof storage tanks. Choosing the right type of storage tank project for your facility will largely depend on the specific needs of your operations, as well as the unique requirements of the storage application. In all cases, ensuring that tanks and pressure vessels are designed, fabricated, and installed/erected in accordance with all applicable standards is critical to minimizing vapor losses, maximizing useful life, and preserving the safety of individuals working in and around the tank.
Aura Engineering is an industry-leading designer and fabricator of tanks and pressure vessels for oil and gas applications. We can design any storage facility you need to capitalize on demand.
Contact us today to get started! We’ll provide you with a free consultation to assess your options.