Global Floating Production Storage and Offloading (FPSO) Market 2015-2019
About Floating Production Storage and Offloading
FPSO is a type of floating tank unit used by the offshore oil and gas industry to collect the oil or gas produced from nearby platforms or subsea templates, process them, and store them until the oil or gas can be offloaded onto a shuttle tanker or exported via a pipeline. These systems come in a variety of sizes, shapes, production capacities, and costs. They range from relatively small units with 30,000 bpd processing plants to mega units capable of processing more than 250,000 bpd. Most units are ship shape, but there are few cylindrical FPSOs also. Capex for an FPSO can range from less than $200 million to more than $2 billion, depending on production plant capacity, design life, operating environment, and other factors.
TechNavio's analysts forecast the global floating production storage and offloading market to grow at a CAGR of 12.9% over the period 2014-2019.
Covered in this Report
The global floating production storage and offloading market can be segmented into two divisions based on application: shallow water and deep and ultra-deep water. Technavio's report, Global Floating Production Storage and Offloading Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, EMEA, and APAC; it also covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Floating Production Storage and Offloading (FPSO) Market 2015-2019
Technavio recognizes the following companies as the key players in the global floating production storage and offloading market: BW Offshore, Chevron, CNOOC, ExxonMobil and Petrobras
Other Prominent Vendors in the market are: MODEC, SBM Offshore and Total
Commenting on the report, an analyst from Technavio’s team said: “Advances in technology improves oil recovery techniques. These advances include unlocking the potential of processing oil and gas in harsh temperatures and pressures through the use of FPS and methods to separate oil at the production facility instead of separating it at the hub. Advanced FPSOs can also mitigate harsh environment conditions because they use turret mooring with self-adjusting stiffness systems, which makes mooring in shallow water easier. Also, in adverse weather conditions, the turret of an FPSO can sink beneath the waves and can be reconnected later. In addition, market vendors are increasing their investment in R&D, which is expected to reduce the time and risks associated with production processes. The overall volume of production will increase, whereas the costs and risks will decline significantly because of rapid advances in technology.”
According to the report, in recent years, maturing onshore oil reserves have triggered a shift from onshore to offshore reserves such as deepwater and ultra-deepwater reserves to increase oil and gas production. Currently, subsea production activities are growing because of depleting oil reserves worldwide. Production levels of oil and gas worldwide will likely rise significantly on the back of a sharper focus on oil recovery in offshore reserves. This will not only help to improve the current supply-demand imbalance prevailing in the market, but also stabilize volatile oil prices.
Further, the report states that the increased deployment of FPSO is having an adverse impact on the environment in terms of increased hydrocarbon emissions resulting from production operations, light and noise pollution, emissions from flare stacks and fuel combustion, routine discharges into the marine environment, and waste disposal.
BW Offshore, Chevron, CNOOC, ExxonMobil, Petrobras, MODEC, SBM Offshore, Total