Westford, USA, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific floating production storage and offloading (FPSO) market is anticipated to dominate the market by growing at a significant CAGR during the forecast period. Recent deep-sea oil and gas reserve discoveries in the North Sea, Gulf of Mexico, and the South China Sea are anticipated to have a beneficial effect on market growth throughout the projection period. Growing ranches in ocean depths and ultra-deep sea reserves in China, Indonesia, and India, together with maturing inland and shallow-water oil and gas fields, are predicted to provide profitable prospects for the sector in the near future. Additionally, rising innovation and the growing infrastructure development by the key market players in the region are predicted to drive market growth over the upcoming years.
SkyQuest’s latest insight shows that for the Dorado oil field development project in 2021, Santos hired Altera Infrastructure to build and deliver an FPSO unit offshore of Western Australia. The field's owner Santos also awarded Sapura Energy a WHP (well-head platform) contract shortly after the initial agreement. The field will produce crude oil from both WHP and FPSO, with the first oil expected to arrive in three to four years.
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Browse in-depth TOC on " Floating Production Storage and Offloading (FPSO) Market"
Pages - 165
Tables - 170
Figures – 74
A floating vessel called an FPSO, which is situated close to an offshore oil field, is used to process and store oil so that it can be delivered to a tanker for transportation and further refining. The purpose of an FPSO vessel is to transport hydrocarbons produced by its wells, neighboring platforms, or subsea machinery.
Prominent Players in Floating Production Storage and Offloading (FPSO)Market
- Petrobras (Brazil)
- CNOOC (China)
- Royal Dutch Shell (Netherlands)
- Woodside Energy (Australia)
- Aker Solutions (Norway)
- Vietsovpetro (Vietnam)
- Dommo Energia (Brazil)
- Keppel Offshore & Marine (Singapore)
- Bumi Armada Berhad (Malaysia)
- SBM Offshore (Netherlands)
- Yinson Holdings Berhad (Malaysia)
- Bluewater (Netherlands)
- Modec Inc. (Japan)
- Rubicon Offshore (Singapore)
- Saipem (Italy)
Converted FPSO Segment to Dominate the Market Growth Owing to Low Capital Expenditure
Owing to its low initial outlay and short procurement cycles, the converted FPSO segment is anticipated to have the highest market share and dominate the worldwide FPSO market. Converted FPSOs are floating production storage and offloading vessels made by making modifications to an already-built transportation ship, usually a crude oil shuttle tanker. It takes a few months to transform a tanker into an FPSO. On the other hand, a brand-new FPSO takes some time to construct. Moreover, the rising refurbishment of the transportation segment to boost the segment growth over the upcoming years. SkyQuest found that Chemco's epoxy Novolac system (RE 500P & RW 500) and Vinylester system (RB 300 Series) were used to renovate a series of commercial tankers in accordance with the necessary tank standards. Additionally, all tanks were examined in 2022 to determine whether additional repair work was necessary.
Additionally, the market in the Asia Pacific region gathered the highest market share in 2021 and is predicted to dominate the market by gaining the biggest market share during the forecast period. The rising demand for energy and fuel, backed by the rising consumption of fuel is anticipated to fuel the market growth. Moreover, with the rising import and export of oil, gas, and chemicals from the region to various corners of the world is estimated to positively influence market growth.
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Double-Hull Type Segment to Lead the Market Growth Thanks to Its Unique Characteristics
Over the projection period, the double-hull segment is expected to rule the global floating production storage and offloading market. The unique characteristic of the double-hull design, which offers specialized containment space and a lower risk of oil spills, is to account for this. Double hull FPSOs are protected against marine pollution, water leakage, and moisture conditions by two or more exterior waterproof layers that cover the entirety of the vessel's design. Further, key market players are investing more in double hull-type designs owing to the rising concerns regarding water pollution due to the leakage of oil and chemicals into the sea from the tankers. SkyQuest observed that oil spilled from tanker mishaps in 2022, in terms of volume Around 15,001 tonnes of oil were lost to the environment as a result of tanker leaks.
The floating production storage and offloading market in North America region is predicted to gain a significant market share during the forecast period. In its abrasive marine conditions, North America has a long history of using one of the tried-and-true equipment for sea transportation purposes. Furthermore, it is projected that the presence of multiple industry titans and the high output goals set by regional organizations will encourage regional growth.
In a recent research analysis, the size, share, and major players of the worldwide floating production storage and offloading market are examined in detail. The research provides a thorough overview of the current market environment and strategy by delving into the effects of important events and market circumstances in many regions.
Key Developments in the Floating Production Storage and Offloading (FPSO) Market
- SBM Offshore reported a legal lease extension for the FPSO Espirito Santo in Brazil and anticipates a probable extension of the lease term for FPSOs in Guyana. A five-year extension of the lease and operation contracts for the Brazilian FPSO Espirito Santo was agreed to by Shell and SBM Offshore.
- Contracts for the 22.5-year lease and operation of the FPSO Alexandre de Gusmo for installation on the Mero field in the Santos Basin off the coast of Brazil were signed by SBM Offshore and Petrobras. SBM Offshore stated that it has now entered into a shareholder agreement with its long-standing business partners, Japan's Mitsubishi Corporation (MC) and Nippon Yusen Kabushiki Kaisha.
- An international renewable energy firm has awarded a contract for about S$130 million to Keppel Offshore & Marine Ltd (Keppel O&M) through its wholly-owned subsidiary Keppel FELS Limited (Keppel FELS). The contract is for the building of an offshore substation (OSS).
- The Government of Dubai's media office announced on February 2023 that the shipbuilding and ship repair company Drydocks World from Dubai and the offshore engineering and construction company Aker Solutions from Norway have formed a joint venture to upgrade the Petrojarl Knarr FPSO for Equinor's Rosebank offshore oil and gas field in the UK.
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Key Questions Answered in the Floating Production Storage and Offloading (FPSO) Market Research Report
- What is the outlook for floating production storage and offloading (FPSO) and what is fuelling its expansion?
- What is the market share of the major players in the global market?
- What market categories and regions offer the best investment opportunities?
- What tactics should market participants use to successfully enter the global market?
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