"Actionable Insights to Fuel Your Growth"
The depletion of the onshore oil and gas reserves has triggered the investments made in the FPSO market. FPSO also holds a cutting edge with some significant advantages of working in deep water locations and remote places where laying pipelines is not cost-effective or even practical. FPSO concept allows oil companies to produce oil in more remote areas and in deeper water that would not have been possible with other technology like fixed pile structure. FPSO comes with processing equipment for hydrocarbons and storage for treated crude oil. It is equipped with the offloading system to transfer the treated oil to shuttle tankers for shipping it to refineries which eliminate the need of a pipeline to be installed for transfer of treated oil. Another economic advantage is that existing tankers can be converted into FPSO. FPSOs can also be used to operate in bad weather conditions over a span of 20 years. FPSOs also prove to be economical in short term oil fields.
On the basis of their storage capacity, FPSOs can be segmented as Less than 1 MMBBL, Between 1 MMBBL to 2 MMBBl, and more than 2 MMBBL. Depending upon the production capacity of oil field the FPSO capacity is decided. Further, FPSO can be segmented on the basis of their construction type such as converted, redeployed and new build. On the basis of ownership, FPSOs can be segmented into contractor owned and operator owned. In the year 2018 out of the total operating FPSOs, most of the FPSOs were operator owned. On the basis of water depth, it can be segmented into shallow depth, deepwater and ultra-deepwater. Currently, the deepest operational FPSO, Turritella, is operating at a depth of 2900m in the Gulf of Mexico.
To gain extensive insights into the market, Request for Customization
The major market driver for the FPSO market is the depletion of onshore oil and gas reserves which has forced these onshore activities to go down. The flexibility provided by the FPSO with operation in remote areas and deeper water has given it an upper hand over others. Replacement of pipelines with storage vessels and periodic offloading has helped to solve the problem of transporting oil to shores.
The key market restraint for the FPSO market is the high initial cost involved in new-build or conversion vessel. The time required for building or conversion of FPSO can also act as a market restraint for the global market.
Some of the notable companies in the FPSO market are BP, Petronas, Chevron, ExxonMobil, Shell, Bumi Armada Berhad, SBM Offshore, BW offshore, MODEC, Blue Water Energy Services, B.V, Aker Solutions ASA, Yinson Holdings Berhad, and Teekay Corporation.
By Storage Capacity
· Less than 1 MMBBL
· 1 MMBBL - 2 MMBBL
· More than 2 MMBBL
By Construction Type
· Contractor Owned
· Operator Owned
By Water Depth
· Shallow Water
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (China, India, Australia, M Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
The FPSO market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. After the sharp fall in the price of crude oil at the end of 2014 which had a brutal impact on offshore and gas industry in the following years. In 2016 not a single new order for FPSO was booked and only one redeployment was announced. In 2017, the market has shown improvement and by the end of 2025, Brazil has planned a maximum number of FPSOs deployment followed by the Falkland Islands and Guyana. Africa has the maximum number of FPSOs deployments planned for till 2025, in which Angola has the highest number of FPSOs to start operation followed by Nigeria. In Europe, Norway has the maximum planned deployments followed by the United Kingdom. In Asia Pacific, India plans to have maximum deployments followed by Indonesia and China.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry