Floating Production Storage and Offloading (FPSO) Crucial Component of Early Production Facility, to Witness a CAGR of 11.2% during 2017-2023
NEW YORK, Sept. 27, 2018 (GLOBE NEWSWIRE) -- The global FPSO market is expected to witness a CAGR of 11.2%, and is projected to reach USD 53.6 billion by 2023. Factors propelling the growth of floating production storage and offloading market are economical solution for marginal fields, increasing offshore exploration activities, flexibility in operations and maturing onshore oil and gas reserves.
The report segments floating production storage and offloading (FPSO) market by Construction Type (Converted, New Built, Redeployed), by Water Storage (Shallow Water, Deepwater, Ultra-deepwater), by Ownership (Contractor, Operator), by Storage Capacity (Small (Below 1000 MBBLs), Medium (1000 to 2000 MBBLs), Large (Above 2000 MBBLs), by Region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Rest of the World (RoW)).The report studies the global floating production storage and offloading (FPSO) market over the forecast period (2017-2023).
Floating production storage and offloading (FPSO) installation is a floating facility equipped with hydrocarbon processing equipment for treatment of crude, water and gas. The vessel produces hydrocarbons from nearby platforms or subsea template, process them and store the hydrocarbons until it can be offloaded to the tanker or transported through a pipeline. The on board power generation from the processed gas makes FPSO self-sufficient in terms of power requirement. Further, FPSO are designed to withstand rough sea conditions and can operate on shallow to ultra-deep offshore wells.
Key Findings of the Floating Production Storage and Offloading Report
-- The floating production storage and offloading market has a market size of 25.48 billion USD in 2016 -- Converted FPSO occupies the largest share in 2016 and will continue its dominance during the forecast period .The CAPEX of converted FPSO is less than the new built FPSO -- By ownership ,contractors currently dominate the FPSO market -- Small sized FPSO occupies major share of FPSO market in 2016. Large size FPSO is expected to register the highest growth rate during the forecast period -- Larger FPSOs, with high production and processing facility, tend to have higher charter rate due to cost efficiency factors -- Longer contract provides flexibility and better pricing for buyers. Long term a contract assures continuous deployment of FPSO hence leaves a scope of negotiations -- The FPSO count increased from 169 in 2016 to 178 in 2017. 12 FPSO have been ordered to be delivered after 2018 -- Geographically, South America dominating the current FPSO market. There were 43 FPSO operating in Brazil offshore in 2016 -- Africa occupies the second largest share of the FPSO market in 2016. A good number of FPSO is deployed in Africa this is due to development of deep water oil and gas fields in the region -- Nigeria is the leading county in Africa in terms of FPSO deployment. Nigeria purpose built deep water logistic base and offshore fabrication yard will account for the next wave of developments involving giant FPSO -- Blur water energy services have awarded Drydocks World two contracts for early production system project. Drydocks World will repair and upgrade FPSO AokaMizu to be redeployed at Lancaster oil field -- In 2017, SBM offshore has contracted Keppel shipyard Ltd. to convert a very large crude carriers into FPSO for Exxon Mobil’s Liza oil field development offshore Gayana -- Statoil to develop Johan Cast berg field with an FPSO. SBM offshore wins the contract to design the turret mooring system for the FPSO. Aker solutions has won the contract to design the FPSO topside -- The key players dealing in the floating production storage and offloading market are Petro bras, CNNOC, Total, ExxonMobil, Chevron, Shell, BP, Statoil, BW Offshore and Blue water Energy.
The global demand for oil and gas has remained variable, so has the activities for floating production storage and offloading (FPSO) vessels. FPSO provides several advantages and more service options to remain actively deployed. These advantages include conversion possibility, storage capacity range, operating flexibility and range of water depth. FPSO are designed keeping in mind the conditions prevailing in a particular offshore field. This makes re-deployment of FPSO difficult. Some modifications have to be made in the vessel to be redeployed at other locations. This additional cost can be reduced by standardizing the vessel storage capacity and throughput. FPSO forms a critical component for early production facility; it cuts down the requirement of setting up the subsea infrastructure making production form remote wells economical. Though FPSO are available on lease it becomes crucial for oil and gas companies to include FPSO in the field development plan. FPSO not only gives business to oil and gas companies but a considerable amount of business is provided to shipyards that modifies and services these FPSO. The fleet owners either production companies or contractors are expanding their vessel count as an increase in deep offshore activities is expected to increase in near future.
Browse full research report with TOC on “Global Floating Production Storage and Offloading (FPSO) Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023” at: https://www.energiasmarketresearch.com/global-floating-production-storage-and-offloading-market-outlook/
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FPSO deployment around the globe has accelerated in recent years from first FPSO dating back about three decades ago to 178 FPSO being deployed at 2017. Africa accounts for the second largest share in terms of FPSO deployment. The new basin opening, new discovery zones and basin maturation in Africa have increased the demand of FPSO enormously. The countries in the region are framing laws to ensure their increasing participation in oil and gas industry. Nigerian government has passed Nigerian Oil and Gas Industry Content Development (NOGICD) act ensuring the execution of large components of any FPSO projects to be domiciled in country. This creates the opportunity for both the country and shipyard companies to benefit from business generated. Not only the nation GDP is boosted but also there is employment generation, technology transfer and local skill development. The shipyard companies are fast capitalizing on this opportunity; Samsung Heavy Industries has built a new fabrication and integration yard in LADOL Freezone Tarkwa Bay. Being the first fabrication and integration facility in Africa, the Samsung yard will catapult Nigeria to become the hub of oil and gas business and shipbuilding in the continent as all the future FPSOs in the gulf of Guinea is expected to be fabricated and integrated in Nigeria.
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