FPSO Market to Grow at 11.80%, During 2017 - 2026

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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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.

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The FPSO industry is capital intensive in nature. Construction and building of a new FPSO unit requires high initial investment and substantially large financing. Building a new FPSO costs approximately US$ 2.5 Bn to US$ 3 Bn. However, the cost of conversion of an oil tanker is approximately between US$ 1.5 Bn and US$ 2.0 Bn. Additionally, the cost of operation, testing, and deployment add up to the total investment in an FPSO vessel. Furthermore, factors such as rising cost of materials and labor due to inflation is further affecting the return of investments (ROI) of FPSO operators. All these factors are likely to restrain the FPSO market during the forecast period.

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