Albany, NY -- (SBWIRE) -- 05/14/2019 -- FPSO Market - Snapshot
A floating production storage and offloading (FPSO) vessel is a type of floating production system used for offshore production, storage, and offloading of oil and gas. Generally, an FPSO vessel is a converted oil tanker or a newly constructed unit. An FPSO is often similar in appearance to a ship and is equipped with production and processing facilities onboard. Furthermore, FPSOs consist of offloading facilities for the purpose of transporting processed oil and gas to onshore receiving facilities through a shuttle tanker. The FPSO market is expected to expand at a rapid pace during the forecast period due to rise in investment in offshore oil and gas exploration, especially in deep-water (500 to 1,499 meters) and ultra-deepwater (1,500 meters and above) areas. The depletion of existing oil and gas fields is leading to a rise in concerns regarding the exploration of new oil and gas fields in a bid to meet energy requirements in the near future. Due to this, oil and gas exploration companies have pushed the exploration of oil and gas from onshore to offshore areas, which, in turn, is driving expansion of the FPSO market. Furthermore, large investments and technical challenges involved in the installation of fixed production platforms in remote locations is boosting the FPSO market. Additionally, the ability of FPSOs to sustain harsh working environments is driving demand for them from the oil and gas industry across the globe.
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Rise in Offshore Activities in Deep Water and Ultra-deep Water Areas Drives the Market
The world is moving toward the usage of renewable sources of energy. However, the demand for oil & gas has not declined. Reliable power is a basic necessity due to the continuous development and modernization of society. Therefore, the demand for oil & gas is rising, but at a sluggish pace in comparison to its previous growth. Furthermore, rapid depletion of oil reserves is influencing the outlook of the global oil & gas industry. Hence, efforts are being undertaken to explore new oilfield reserves, particularly in North Sea, South China Sea, Gulf of Mexico, and the Persian Gulf, in order to cater to this ever increasing demand. Thus, rise in offshore activities with an increase in investment in subsea areas drives the FPSO Market.
Installation of fixed processing and production infrastructure in remote locations is technically complex and also less cost effective. However, deployment of FPSOs in remote locations eliminates the need for installation of large fixed oil and gas production platforms. Moreover, offloading of an FPSO into oil tankers to transport processed oil and gas eliminates the requirement to lay expensive long-distance seabed pipelines from oil fields to the receiving platforms. Additionally, FPSO vessels can avoid emergency situations such as typhoons, cyclones, and icebergs by moving to safe locations when required. Moreover, after depletion of the operational oil fields, FPSOs can be moored to other oil fields, providing mobility and flexibility of operations to FPSO operators and contractors. The FPSO market is expected to expand at a rapid pace, which is attributed to the high demand for cost-effective solutions for offshore oil and gas production and increasing application of FPSOs in harsh environments and remote locations.
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Latin America Held a Major Share of around 30% in the Global FPSO Market in 2017
Based on region, the global FPSO market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Latin America dominated the global FPSO market in 2017. This is primarily due to the presence of a large number of FPSOs in the region. Major offshore fields located on the Brazilian coast include Santos, Campos, and Espirito Santo basins among others. Expansion in the FPSO market in Brazil is attributed to the increasing investment in exploration of deep water areas in the region. Thus, Latin America accounts for a major share of the global market. Latin America is key player in the FPSO market, followed by Middle East & Africa, Asia Pacific, North America, and Europe.
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Global FPSO Market dominated by Several Players
Key players operating in the global FPSO market are MODEC, Inc., SBM Offshore N.V., BW Offshore, Bluewater Energy Services B.V., Bumi Armada Berhad, Yinson Holdings Berhad, and Teekay Corporation.