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Latin America FPSO market will witness robust growth owing to the positive outlook of state owned companies favored by supportive government initiatives along with recent discovery of substantial pre salt oil reserves. According to Petrobras, Campos and Santos basins located offshore in Brazil have an estimated 6 billion barrels reserve of pre salt oil. Additionally, Brazil?s recent local content regulation implying easier and lower requirements with reduction in fines for E&P contracts will escalate the vessel deployment across the country.Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/467820/
Rising focus toward discovery and development of smaller reserves located at remote offshore locations will strengthen the FPSO market growth. In January 2018, Chevron Corporation proclaimed the discovery of an ultra-deep sea oil reserve at a water depth of almost 1,900 meters, offshore in the U.S. Gulf of Mexico. Additionally, the redeployment potential of these units to a different production site upon exhaustion of one, along with their ability to withstand severe weather conditions will escalate the product demand.
The converted FPSO market in 2018, witnessed an annual deployment of 7 units. High potential to redeploy & refurbish numerous retired VLCC and ULCC vessels will positively influence the deployment of these units. Moreover, key industry players being driven by international maritime regulations are invariably seeking redeployment and conversion for such assets to FPSO vessels. Relatively much lower capex along with shorter development schedule associated with these units is yet another factor encouraging the deployment of these vessels.
New built FPSO market will witness strong growth on account of growing investments toward development of deep and ultra-deep-water reserves. Optimum design parameters, flexible to field life extension and lower operational cost along with advanced safety features are analyzed to be the key features that will accelerate the product penetration. Advancements in offshore technologies, including double hull & cylindrical hull designs and separable turret system will further attract investments across the industry. However, much higher capex and longer project schedules as compared to its converted alternative may restrain the deployment of these vessels.
FPSO Market is predicted to reach over USD 30 Billion by 2025. Ongoing offshore exploration & production activities driven by diminishing onshore oil & gas reserves will drive the FPSO market growth. Development challenges associated with fixed infrastructures including site accessibility, excessive costs, environmental conditions and decommissioning issues will further favor the deployment of FPSOs as a viable alternative. Moreover, growing inclination toward fast-track floating solutions along with advancement in subsea technologies will continue to accelerate the industry growth.
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Shifting trends toward development and production from ultra-deep offshore reserves favored by evolving drilling and seismic technologies along with wide presence of proven deep-water reserves will positively influence the ultra-deep FPSO market. According to the EIA, oil production from ultra-deep waters has increased by 25 percent in a decade, increasing from 7 million bpd extracted in 2005 to 9.3 million bpd in 2015.
Key industry players operating in the FPSO market include SBM Offshore, Technip, KBR, Saipem, Samsung Heavy Industries, DSME, Hyundai Heavy Industries, Petrobras, MODEC, Woodside Petroleum, CNOOC, Bumi Armada and BW Offshore amongst others.
Table of content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 FPSO Industry Insights
Chapter 4 FPSO Market, By Product
Chapter 5 FPSO Market, By Water Depth
Chapter 6 FPSO Market, By Region
Chapter 7 Company Profiles
More Details on this Report At: https://www.marketstudyreport.com/reports/fpso-market
Related Report:
Global Floating Production Storage and Offloading (FPSO) Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024
Floating Production, Storage, and Offloading (FPSO) is a floating tank system used by the oil and gas industry particularly in offshore operations. Floating production vessels are built with processing facilities, allowing it to handle the oil or gas it receives from nearby platforms or templates. Processed oil or gas is stored in the FPSO until a sufficient amount has been collected to fill a tanker. At which point, the unit offloads the stored material using a loading hose into a tanker going ashore.
https://www.marketstudyreport.com/reports/global-floating-production-storage-and-offloading-fpso-market-2019-by-manufacturers-regions-type-and-application-forecast-to-2024/?utm_source=RR-AN
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