FPSO Market Overview with Detailed Analysis, Competitive landscape, Forecast to 2025
Category: #business  By Rahul Sankrityayan  Date: 2020-01-16
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FPSO Market Overview with Detailed Analysis, Competitive landscape, Forecast to 2025

The FPSO Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.

the FPSO Market is set to grow from its current market value of just over $28 billion to $30 billion by 2025.  Ongoing offshore exploration and production activities compelled by depletion of onshore oil & gas reserves are poised to transform market trends over 2019-2025.

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Development challenges including environmental conditions, material transportation, site accessibility, excessive costs and decommissioning issues associated with fixed infrastructures will further boost FPSO market outlook as utilization of these vessels as come across as a viable alternative. Furthermore, growing inclination toward fast-track floating solutions coupled with advancement in sub-sea technologies will stimulate the FPSO industry growth.

Increasing efforts for discovery and development of smaller reserves located at remote offshore locations will further reinforce FPSO industry growth. For instance, in 2018, Chevron Corp. announced the unearthing of an oil reserve at a water depth of nearly 1,900 meters offshore in the Gulf of Mexico in the United States. FPSOs are essential when it comes to the successful exploration of such ultra-deep water reserves.

In addition, the redeployment potential of these units to multiple oil fields upon exhaustion of one reserve along with their resistance to harsh weather conditions will fuel product deployment rate, and hence add substantially to FPSO market share.

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In 2018, the annual deployment number of converted FPSO reached 7 units. Due to high potential of these units to redeploy and refurbish numerous obsolete, single-hulled vessels such as ULCC and VLCC vessels, will create a lucrative market scope of these units. Furthermore, industry players who are bound by international maritime regulations are consistently seeking redeployment opportunities for depreciating assets to FPSO vessels.

Another major factor influencing converted FPSO market trends is short development time coupled with lower capital investment associated with the converted units.

New built FPSO industry segment is estimated to garner considerable proceeds in owing to growing investments toward development ultra-deep-water reserves. Flexible field life extension, lower operational cost, advanced safety features along with optimum design parameters are the key features accelerating product penetration. Furthermore, progressing off-shore technologies, including cylindrical and double hull designs, separable turret, etc. will attract greater investments from oil & gas companies.

According to the U.S. EIA (Energy Information Administration), ultra-deep waters oil fields have recorded a 25% increase in production rate in a decade. For instance, oil produced in Brazil increased from 1.3 million bpd to 2.2 million bpd over 2005-2015. Shifting inclination toward development and production from ultra-deep offshore reserves, advancement in seismic and drilling technologies along with rich reserves in deeper basins is projected to reinforce ultra-deep FPSO market size expansion over the forecast timeline.

Market, By Product

  • New Built
  • Converted

Market, By Water Depth

  • Shallow
  • Deep
  • Ultra-Deep

Recent discovery of substantial pre salt oil reserves, favorable government initiatives coupled with positive outlook of state-owned companies will continue to strengthen FPSO market forecast over the coming years. According to Petrobras, Campos & Santos basins that are located offshore to Brazil has an expected pre salt oil reserve of 16 billion barrels. Furthermore, new local content regulation in Brazil imposing simpler and lower restrictions with minimized fines for E&P contracts will escalate deployment of these units across offshore oil reserves owned by the country. In 2018, Latin America market was valued at $18 billion.

Participants in the FPSO industry have a crucial role to play in the growth of the market. Major industry participants across FPSO market include, Technip, KBR, Heavy Industries, Samsung, Hyundai Heavy Industries, Saipem, Petrobras, DSME, Woodside Petroleum, , MODEC, SBM Offshore CNOOC, Bumi Armada and BW Offshore amongst others.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan    

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Technology Magazine, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experie...

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