Global FPSO Market – Snapshot
Floating production storage and offloading vessels (FPSOs) refers to floating production facility that houses. FPSO is usually constructed on an oil tanker hull, fitted with hydrocarbon processing equipment for processing and treatment of crude oil, gases, and water. The crude oil that is processed arrives on the vessel from sub-sea oil wells through flexible pipelines.
Typically, in a FPSO, after processing, oil or gas is stored before it is periodically offloaded to shuttle tankers or transmitted for processing via pipelines. FPSO are used for offshore storage, production, and offloading of oil and gas.
Treated crude oil is moved to cargo tanks in the FPSO’s hull. Treated gas finds use as fuel to power the vessel, and excess gas is either injected back into the subsea or transported via pipeline to the shore. Water produced during production of oil or gas is either discharged overboard within environmental limits, or injected into the reservoir.
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A FPSO unit allows oil companies to produce oil in deeper water and in more remote areas than would have been economically feasible with other technologies such as fixed piled structures. Besides processing equipment, a FPSO unit is equipped with storage capacity for oil produced after treating crude oil. And, is fitted with an offloading system to shift the crude oil to shuttle tankers to be further transported to refineries.
In a FPSO, a turret mooring system is a typical feature, which is usually installed inside and is integrated into the FPSO unit’s hull. Such a configuration is a feature of Bluewater core technology. Meanwhile, the turret is attached to the seabed with wires, chains, and anchors. It has bearings that allow unrestricted 360 degree rotation of the FPSO around the turret.
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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.
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Tie-ups with Various Players in the Offshore Industry for Accelerating Development of FPSOs
An FPSO building project involves extensive engineering, procurement, construction, and commissioning. Key players in the FPSO industry strategically partner with vendors, yards, and key technology providers for delivering large projects of floating production systems, including FPSOs. Increase in focus on collaboration and strategic partnerships among various players is creating opportunities for advanced service providers of FPSOs and faster deployment of new FPSOs.
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.
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.
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