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.
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.
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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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Increasing Investment in Offshore Oil and Gas Exploration Drives the Market
Demand for floating production storage and offloading (FPSO) units is expected to surge with increased investment in offshore exploration of oil and gas, especially in deepwater and ultra-deepwater areas. Depletion of existing onshore oil and gas fields is pushing exploration activities to offshore deepwater areas. Currently, the exploration of oil and gas is concentrated in offshore fields, primarily in areas such as the North Sea, Brazil, and West Africa. Increase in demand for oil and gas due to rise in consumption of fuel is driving development and increasing investment in new oil and gas fields globally. Furthermore, demand for FPSOs is expected to rise during the forecast period due to expansion in the upstream oil and gas industry, supported by government incentives to boost offshore oil and gas exploration. FPSO vessels are capable of receiving or extracting raw hydrocarbons from the sea bed and processing them onboard. Additionally, FPSOs are equipped with temporary onboard oil and gas storage facilities. Processed oil and gas from FPSOs is transferred or offloaded through an oil tanker or pipeline to the receiving terminals or distribution facilities.
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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