Press release
FPSO Market 2019 Size, Share, Global Industry trends, Applications and Analysis by Top Key Players- Chevron Corporation, Bumi Armada Berhad, BW Offshore, Samsung Heavy Industries
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.
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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.
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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.
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.
Partial Table of Contents (ToC) of the report:
Chapter 4 FPSO Market, By Product
4.1 FPSO market share by product, 2018 & 2025
4.2 New built
4.2.1 Global market from new built, 2014 – 2025
4.2.2 Global market from new built, by region, 2014 – 2025
4.3 Converted
4.3.1 Global FPSO market from converted, 2014 – 2025
4.3.2 Global market from converted, by region, 2014 – 2025
Chapter 5 FPSO Market, By Water Depth
5.1 FPSO market share by water depth, 2018 & 2025
5.2 Shallow
5.2.1 Global FPSO market from shallow, 2014 – 2025
5.2.2 Global market from shallow, by region, 2014 – 2025
5.3 Deep
5.3.1 Global FPSO market from deep, 2014 – 2025
5.3.2 Global market from deep, by region, 2014 – 2025
5.4 Ultra-deep
5.4.1 Global FPSO market from ultra-deep, 2014 – 2025
5.4.2 Global market from ultra-deep, by region, 2014 – 2025
Browse complete table of content of this report @ https://www.gminsights.com/toc/detail/floating-production-storage-and-offloading-fpso-market
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.
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Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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