Global FPSO Market : Snapshot
A floating production, storage, and offloading unit is considered as a vessel that is being used widely by a large number of gas and offshore oil industries. These vessels are used for the purpose of manufacturing and processing of hydrocarbons and further for the storage of oil. The use of FPSO vessels helps in storing oil and transporting it through a pipeline, which saves time as well as resources of the oil and gas companies. As a result, the global FPSO market is anticipated to witness a robust growth in the next few years.
A significant rise in the number of exploration activities across the globe is one of the vital factors projected to fuel the growth of the global FPSO market in the next few years. The rising focus of key players on research and development activities and new product development are predicted to generate promising opportunities in the coming years. In addition, the rising number of oil and gas exploration sites in order to cater the rising demand from consumers are projected to accelerate the growth of the global FPSO market in the near future.
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Among the key regions, the developed economies, including Europe and North America are expected to experience a steady growth in the next few years. At present, the global FPSO market is growing at a rapid pace and is likely to witness a high level of competition in the coming years. The increasing number of mergers and acquisition is expected to enhance the competitive scenario of the FPSO market in the near future, encouraging the expansion of product portfolio. As a result, the overall market is likely to supplement the development of the market in the near future.
Global FPSO Market: Overview
A floating production, storage, and offloading (FPSO) unit could be a newly constructed vessel or converted oil tanker which is equipped with oil and gas processing and production facilities. An FPSO is able to carry out all the activities for which the term stands for. It is a commodious vessel which resembles the shape of a ship and finds extensive usage in extracting raw hydrocarbons from sea beds. With processing facilities provided onboard, it can also transport processed oil and gas to desired onshore locations using a shuttle tanker.
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With more number of countries producing their own FPSOs and higher sales achieved by manufacturers, the world FPSO market is anticipated to rack up a staggering amount of revenue until the end of the forecast period.
Global FPSO Market: Key Trends
The substantial degree of growth witnessed in the FPSO market is predicted to be augmented by the soaring demand for enhanced productivity and controlled capital spending. With a view to achieve this, companies are looking to convert tank vessels into FPSOs. The very nature of FPSO to be able to operate at any depth, relocate to any location, and offer high return on investment is deemed to be a strong reason for its incrementing demand.
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The redeployed FPSO market is prognosticated to rise above freshly converted or newly built vessels with the capability to minimize project execution timeline. Suitable for operation in medium and small offshore fields, converted FPSO poses a lesser capital cost compared to new built products.
The rising exploration activities in ultra-deep offshore fields led by maturing onshore oil and gas reserves are expected to provide an aggressive boost to the global FPSO market. More opportunities are envisaged to take birth as the need to counter difficult conditions in ultra-deep and deep sea reserves surges the demand for integrated compact systems.
Global FPSO Market: Market Potential
Iran is all set to install its first ever FPSO named ‘FPSO Cyrus’ near South Pars in the Persian Gulf. The vessel is expected to employ pipelines to draw hydrocarbons from subsea wells. On an average, the Iranian FPSO holds the capacity to extract 30,000 barrels per day in the first production phase, which could be increased to a whopping 55,000 to 60,000 barrels per day in the second production phase.
On similar lines, Keppel Offshore & Marine will be delivering its first FPSO unit named ‘John Agyekum Kufuor’ to Yinson Production (West Africa) Pte. Ltd. in 2017. The vessel will be engaged by ENI Ghana Exploration & Production Limited for oil and gas processing at the Offshore Cape Three Points (OCTP) positioned in Offshore Ghana. The unit is studied to boast a 58,000 barrels per day processing capacity and 1.7 million barrel storage capacity. With an approximate 15,000 ton topside weight, it has the potential to be moored in a standard 1,000 meter water depth.
Global FPSO Market: Regional Outlook
With ample of support furnished by the government of Brazil, the country is predicted to stand out as a chief FPSO market in the South America region. The prominence of the Brazilian market could also be accredited to the elevating number of oil and gas activities. The oil field discoveries in deep water and latest offshore exploration and production developments of East Africa and South America are envisaged to help the regions register growth at a significant rate.
However, regions such as Europe and North America of the FPSO market are foretold to grow at a stagnant rate but secure a valuable share on account of their mature oil and gas reserves.
In order to curb its dependence on imports of energy resources, China is forecasted to offer profit-making opportunities for vendors in the FPSO market. Besides this, the development of offloading technologies, production advancement, surging area of ultra-deep and deep sea reserves, and maturing shallow water and inland oil and gas fields are envisioned to help China take precedence in the global market.
Global FPSO Market: Competitive Landscape
With mergers and acquisitions and fast building of product portfolio, key players in the international FPSO market are foreseen to take charge of a leading share. Some of the tough competitors in the global market are Sembcorp Marine Ltd., COSCO Shipyard Group Co. Ltd., PetroleoBrasileiro S.A., MODEC, Inc., TOTAL S.A., SBM Offshore N.V., and Samsung Heavy Industries Ltd.