The global FPSO market is likely to gain impetus from the persistent depletion of onshore gas and oil reserves across the globe. This has led to a rise in the investments in FPSO market. According to a report by Fortune Business Insights, titled, “FPSO Market Size, Share and Global Trend by Storage Capacity (Less than 1 MMBBL, 1 MMBBL – 2 MMBBL, more than 2 MMBBL), by Construction Type (Converted, New-Build, Redeployed), by Ownership (Contractor Owned, Operator Owned), by Water Depth (Shallow Water, Deepwater, Ultra-Deepwater) and by Geography Forecast till 2026,” FPSOs hold certain advantages, such as, the capability to work in remote locations as well as in deep waters where implementing pipelines is neither practical nor cost-effective. This is one of the major factors that will contribute to the global FPSO market growth during the forthcoming years.
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The report classifies the global FPSO market on the bases of five segments, namely, by storage capacity, by construction type, by ownership, by water depth, and by geography. By storage capacity, the market is divided into less than 1 MMBBL, 1 MMBBL – 2 MMBBL, and more than 2 MMBBL. In terms of construction type, the market is grouped by new-build, converted, and redeployed. By ownership, the market is segmented into operator owned and contractor-owned.
Developed and Emerging Countries Focus on FPSO Deployment Planning to Boost Sales
The global FPSO market is geographically segmented into the Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. At the end of 2014, the offshore and gas industry had witnessed brutal consequences due to the sharp fall in the prices of crude oil. Also, not a single order for FPSO was booked in 2016 and only one redeployment was announced. The market began showing signs of improvements from the year 2017. In Latin America, Brazil has planned a maximum number of FPSOs deployment by the end of 2025, which is followed by Guyana and the Falkland Islands.
Norway in Europe has planned the maximum deployments of FPSOs followed by the U.S., Emerging nations in Asia Pacific, namely, India has recently planned to procure maximum deployment followed by China and Indonesia. Africa has the highest number of FPSOs deployments planned till 2025. In this, Angola has the maximum number of FPSOs to proceed with the operation followed by Nigeria.
Key Market Driver – New offshore discoveries and easy operation
Key Market Restraint – High initial cost and time required for conversion or new-build.
Capacity Expansion by Key Players to Bode Well for Overall Market
Petrobras, a semi-public multinational corporation in the petroleum industry headquartered in Rio de Janeiro, announced that it has begun producing gas and oil from the P-76 FPSO in February 2019. P-76 has the capacity to compress around 6 million cubic meters of natural gas and can process approximately 150,000 barrels of oil. It is the second most FPSO to start up in 2019 which is followed by the P-67 FPSO. The company has planned to add a couple more FPSOs in 2019.
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Rystad, an independent energy research and business intelligence company, based in Norway, announced in February 2019 that the company expects at least 33 floating production storage and offloading vessels which are to be sanctioned from 2019 to 2021. This is due to the pick-up in oil and has activities in the offshore sector.
Total, a multinational integrated oil and gas company, headquartered in France, unveiled that it has started with the production on Kaombo Sul in April 2019. Kaombo Sul is considered to be the second floating production storage and offloading unit of the Kaombo project. It is located 260 kilometers off the coast of Luanda, on Block 32, in water depths of 1,400 to 2,000 meters.
Fortune Business Insights has profiled some of the most prominent market players operating in the global FPSO market. Some of the notable companies are Petronas, Blue Water Energy Services, BP, ExxonMobil, SBM Offshore, Yinson Holdings Berhad, Shell, Chevron, MODEC, BW offshore, Bumi Armada Berhad, Teekay Corporation, B.V., Aker Solutions ASA, and other key market players.
Top Players Overview:
- Bumi Armada
- SBM Offshore
- BW Offshore
- MODEC, Inc.
- Blue Quail Energy Services, LLC
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1. By Storage Capacity
- Less than 1 MMBBL
- 1 MMBBL – 2 MMBBL
- More than 2 MMBBL
2. By Construction Type
3. By Ownership
- Contractor Owned
- Operator Owned
4. By Water Depth
- Shallow Water
5. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, M Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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