Periodic Reporting for period 1 - LIRICO (Liquid Ring Compressor - Pioneering full API-681/610 compliance)
Período documentado: 2016-02-01 hasta 2016-05-31
The LIRICO project aims to deploy a new portfolio of Liquid Ring Compressors for Oil & Gas and Petrochemical sector. Liquid-ring based solutions are preferred for critical applications in chemical, petrochemical and refinery industries as they are highly reliable and easy to maintain. Despite their widespread use in the industry, there is not currently a fully API-standard-compliant solution on the market.
LIRICO, our innovative Liquid Ring Compressor, represents a breakthrough, being fully compliant with API681 and API610 standards. In designing a compressor to meet these standards, we have also managed to include features that increase the isothermal efficiency, up to an expected 34%, compared to 24% for typical competitor units, as well as increase volumetric efficiency and output pressure, which results in a 25% reduction in energy consumption. This will allow us to provide a competitive, highly efficient, with even reduced downtime solution, leading to sales increase by 15% within 5 years.
LIRICO, our innovative Liquid Ring Compressor, represents a breakthrough, being fully compliant with API681 and API610 standards. In designing a compressor to meet these standards, we have also managed to include features that increase the isothermal efficiency, up to an expected 34%, compared to 24% for typical competitor units, as well as increase volumetric efficiency and output pressure, which results in a 25% reduction in energy consumption. This will allow us to provide a competitive, highly efficient, with even reduced downtime solution, leading to sales increase by 15% within 5 years.
The feasibility study has included testing of the initial prototype, which has revealed pleasing results with respect to lower energy consumption. For the continuation of the project, the study also examined technical risks associated with the work planned for the rest of the project and a “freedom to operate” study has been performed to ensure the absence of IPR or regulatory obstacles to LIRICO’s exploitation.
Commercially, the market situation was analysis, including competitors and their product offerings. Commercial risks were analysed and a preliminary financial projection for LIRICO was prepared.
Commercially, the market situation was analysis, including competitors and their product offerings. Commercial risks were analysed and a preliminary financial projection for LIRICO was prepared.
LIRICO’s compliance with API standards will provide end-users in the Oil and Gas industry an alternative to current, non-compliant solutions, while also challenging the monopolistic position of the leading manufacturer of LRCs. The lower energy requirement of LIRICO and the improved maintenance characteristics arising from API compliance will make Oil and Gas companies more efficient in both energy consumption and in their operations.