Why are Australian refineries closing?
The catastrophic loss of nearly 10 million b/d of global oil demand has led to many refiners idling until economic conditions improve. In addition to a recent spate of closures in Australia, the Marsden Point refinery in New Zealand has been operating at reduced rates and could be converted into an import terminal.
Why are oil refineries closing?
“The global lockdowns and associated demand destruction led to the shutdown of refineries that were probably going to shut down eventually,” Auers said. The nation’s largest crude oil refiner Marathon Petroleum (MPC. N) shut three refineries while energy major Shell (RDSa. L) and independent refiner HollyFrontier (HFC.
Are oil refineries closing down?
(Reuters) – Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption.
How many refineries are left in Australia?
Australia’s four refineries were just emerging from years of losses when the pandemic hit fuel demand last year, aggravating the pain of competing against Asia’s mega refineries.
Does Australia still produce oil?
Oil Production in Australia Australia produces 373,728.37 barrels per day of oil (as of 2016) ranking 31st in the world. Australia produces every year an amount equivalent to 11.4% of its total proven reserves (as of 2016).
Is Ampol an Australian company?
The Australian Motorists Petrol Company, which later became Ampol, was founded in 1936 and has been part of Australia’s DNA since then. “Ampol is an iconic Australian name – a brand which reflects our deep Australian heritage and expertise,” said Mr Segal.
Why is Shell closing refineries?
Last year, Shell decided to shut the Convent refinery because it was unable to sell it after it became unprofitable amid the loss of demand spurred by the COVID-19 pandemic. The company announced the closure on Nov. 5, while the refinery shutdown was complete on Dec. 14.
Who owns US oil refineries?
Largest petroleum refineries in the United States
| Rank | Refinery | Owner |
|---|---|---|
| 1 | Port Arthur Refinery | Motiva Enterprises |
| 2 | Galveston Bay Refinery | Marathon Petroleum |
| 3 | Baytown Refinery | Exxon Mobil |
| 4 | Garyville Refinery | Marathon Petroleum |
What oil companies are shutting down?
BHP, BP, Chevron, Equinor, Exxon Mobil, Murphy Oil said they shut in production and evacuated their Gulf platforms. Royal Dutch Shell said it shut in production, halted its Auger and Enchilada/Salsa platforms and evacuated crews from its Ursa, Mars, Olympus and Appomattox platforms.
How many BP refineries are there in Australia?
eight main
Australia currently has eight main refineries owned by the four majors (Caltex, BP, Mobil and Shell) located in the capital cities-Sydney, Melbourne, Adelaide, Perth and Brisbane. These companies also have either crude oil or refined product terminals at most Australian ports (see Figure 1).
What does the word refineries mean?
Definition of refinery : a building and equipment for refining or processing something (such as oil or sugar)
Is Australia rich in oil?
Australia is rich in commodities, including fossil fuel and uranium reserves. Western Australia (including the Bonaparte Basin straddling Western Australia and Northern Territory) has 72 percent of the country’s proven crude oil reserves, as well as 92 percent of its condensate and 79 percent of its LPG reserves.
How many jobs will be affected by the closure of BP Refinery?
Oil giant BP has announced it will close its Brisbane refinery resulting in the loss of more than 350 jobs. The number of jobs at the Bulwer Island refinery at Pinkenba will be reduced from 380 to 25 by 2015. Video Player is loading. This is a modal window.
Are Australia’s other oil refineries under review for closure?
At least two of the country’s other three refineries are already under review for possible closure despite the government’s proposed $2.5 billion fuel security package, which includes a direct subsidy for local production. BP has already closed its Bulwer Island refinery in Brisbane and will now close its Kwinana plant.
Where are BP’s refineries in Australia?
At this stage BP’s other Australian refinery—the 138,698-b/d facility at Kwinana, south of Perth, in Western Australia—will remain open. It has the advantage of being the only refinery in the western half of Australia and can count on crude supply from local oil fields.
What happened to BP’s Kwinana Refinery?
BP has already closed its Bulwer Island refinery in Brisbane and will now close its Kwinana plant. Glenn Hunt Operations will be wound down in the March quarter of 2021 and the site converted into an import terminal, BP said, citing oversupply in Asia and stubbornly low refining margins that meant the plant “is no longer economically viable”.