Baryte is one of the important components used in the manufacturing of drilling mud or fluid used in the oil industries when prospecting for petroleum. It is a naturally occurring geological material which is wide spread in large quantity at various locations in Nigeria.
The name barites is derived from the Greek baryos meaning heavy or heavy spar, barite can occur in numerous colours; white, brown, yellow, red and gray are most common. The colours are the result of impurities such as iron, strontium and lead, and mineral contaminants such as clay and sand. Barite is insoluble in water and is resistant to acid attack.
The quality of barite is measured based on the specific gravity {S.G} of the product and a specific gravity of 4.2 and above is generally preferred.
Rising global energy demand and the high price of crude oil in the international market continues to fuel the discovery and development of oil fields across the world.
In Nigeria, the nation’s 35.3 billion barrels reserve is expected to continue to attract investors from all over the world and with the target of producing four million {4,000,000} per day by 2020 , barite ore would continue to be in demand.
Similar investment is going on the different parts of the world to meet up with the global demand for oil which is expected to double in 2020 and it further deepens the market for barite ore.
Barite has many applications; the most significant of it is its usage by the oil companies when drilling for crude oil or petroleum. Other importance of
Barites are highlighted below
• Used in the manufacturing of drilling mud without which petroleum prospecting will be impossible. In fact, the demand for Baryte by the oil companies is more than the demand for water by human beings but the supply is very low because only a very few individuals are aware of this business opportunity.
• Used by chemical industries in the manufacturing of Barium compounds such as chloride, nitrate, carbonate, and hydrate e.t.c.
• Used in paper and plastics productions
• Used by textiles industries as weighting materials
• It is also used metallurgical industries for Brass melting e.t.c.
• Also used in manufacturing glass, paints e.t.c
Because of the numerous uses of barite ore, there is steady and increasing demand for the product.
Nigeria has an estimated reserve of over two million {2,000,000} metric tons of barite ore scattered in different parts of the country to include Benue, Nassarrawa, Plateau and Cross River states.
Barite ore though locally available used to be imported into the country until the government placed a restriction on the importation of the product in order to encourage the local industry. It is one of the projects that can be exploited by both local and international investors to the benefit of the Nigerian economy which is the cardinal objective of the Nigeria oil and gas industry content development Act.
The return on investment on the trading of barite ore is estimated between 10%- 15% per transaction cycle which can be completed within ten days.
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At Foraminifera Market Research (www.foramfera.com), we provide bespoke and up to date market research reports. Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
You can order any of our detailed feasibility report on barite ore mining, mining and trading in Nigeria by clicking on any of the links below.
Report Title: BARITE ORE MINING IN NIGERIA; THE PRE- FEASIBILITY REPORT.
Report Code: FORA/05564-807/2015/BARITEOREMININGINNIGERIA/10828210
Report Title: BARITE ORE PROCESSING IN NIGERIA; THE FEASIBILITY REPORT.
Report Code: FORA/2013/001
Report Title: BARITE ORE TRADING IN NIGERIA; THE FEASIBILITY REPORT.
Report Code: FOR A/08/2011/11
Report Title: BARITE ORE MINING AND MILLING IN NIGERIA; THE FEASIBILITY REPORT.
Report Code: FORA/2013/300
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