Press release
Substantial Rise in Offshore Oil Explorations and Productions drive Global Floating Production Storage and Offloading (FPSO)
The FPSO market is primarily driven by the growing number of offshore activities across the globe and substantially rising investment on subsea facilities by oil and gas players. The rise in hydrocarbon exploration and production to meet the ever-rising demand for oil and gas is also propelling the growth of the market.
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The depletion of the existing oil fields is favorably impacting the growth of the market. Substantial efforts by industry players to discover new oilfield reserves, notably in South China Sea, North Sea, the Persian Gulf, and the Gulf of Mexico, and are also bolstering the demand for FPSO units.
The ease of deployment of FPSO vessel facilities is a notable factor underpinning its popular demand in the oil and gas sector. The massive cost and significant risk in installing offshore oil and gas production structures is making the deployment of FPSO units more viable. The marked mobility and flexibility imparted by FPSO units to the oil and gas offshore operations is another key proposition driving their demand. The deployment of these units helps oil and gas companies avoid conditions such as typhoons, hurricanes, and cyclones.
The rising demand for cost-effective offshore production facilities in remote locations is also accentuating the market growth. For instance, the market is garnering substantial revenues from the deployment of converter FPSO units. The rising focus of oil and gas players in ultra-deepwater subsea projects is accentuating the growth of the market. Recent industry regulations for the prevention of oil pollution caused by oil tankers has led to the growing demand for double hull FPSO vessels suitable for carrying heavy crude oil.
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On the regional front, Africa and Latin America are expected to be lucrative regional markets for floating production storage and offloading. The substantial investments in exploration of oil and gas in offshore fields is a notable factor driving these regional markets. The presence of several offshore fields in Brazil is supporting the growth of the market.
Top players are partnering with vendors, yards, and technology providers to capitalize on massive projects of various floating production systems. Several players are focusing on strategic partnerships to consolidate their positions in the market.
Key players operating in the FPSO market include Teekay Corporation, Yinson Holdings Berhad, Bumi Armada Berhad, Bluewater Energy Services B.V., BW Offshore, SBM Offshore N.V., and MODEC, Inc.
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