Floating Production Storage and Offloading (FPS & FPSO)

FPSO'sare floating vessel used in the offshore oil and gas industry for production, processing and storage of hydrocarbons. These are viable solution for number of offshore field situations

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TotalEnergies has launched three projects of multi-energy strategy in Angola

August 01, 2022
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Keppel O&M Ltd have been awarded contracts worth $54.5 Million in Floating Production contracts

August 02, 2022
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BW Offshore has transferred the ownership and operation of the FPSO to Pemex

July 25, 2022
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Floating Production Storage and Offloading (FPS & FPSO) Industry Benchmarks

Savings Achieved

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The average annual savings achieved in Floating Production Storage and Offloading (FPS & FPSO) category is 16.40%

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The industry average payment terms in Floating Production Storage and Offloading (FPS & FPSO) category for the current quarter is 45.0 days

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    Floating Production Storage and Offloading (FPS & FPSO) market frequently asked questions

    As per Beroe's FPSO market forecast, the FPSO market share is expected to reach $44.12 billion by 2022.

    The major players in the floating production storage and offloading market are South America (28.6%), Asia (27.6%), Africa (21%), Europe (14.7%), Australia (4.5%), Middle East (1.5%), and North America (1.5%).

    The latest FPSO market trends are that the global market is dominated by a few major players whereas NOCs have their own FPSOs, the biggest barriers to new emerging players in the market are hiring an experienced crew, and supply and demand are the key drivers for price change in the market.

    The FPSO market forecast in terms of estimated growth is about 14.42% CAGR.

    The key demand drivers for the floating production storage and offloading market are rise in crude oil prices and new deep water asset discovery.

    Floating Production Storage and Offloading (FPS & FPSO) market report transcript

    Global Market Outlook on Floating Production Storage and Offloading

    • The COVID-19 outbreak is having adverse effects on the oil & gas industry. The outbreak that started in China thrived into a global pandemic. Companies globally are being squeezed by the corona virus outbreak, through labor market and supply chain disruptions. Travel restrictions on workers are stopping the normal recommencement of work. The oil prices have collapsed to its low since 2002, due to oversuppl y and low demand
    • The global oil demand is expected to decrease by more than 600,000 barrels of oil per day in 2020. The decrease in demand is a result of the massive cancelation of airline flight operations, travel bans, and isolation measures across countries. The transportation sector, which has more than 20 percent share in the global oil consumption, is being affected by the quarantine measures taken by individuals and governments
    • According to Beroe analysis, the COVID-19 pandemic will create skilled labor shortage, due to travel restrictions and self-quarantine measures on the FPSO market. The new projects are expected to get delayed by three to six months

    FPSO Demand Forecast 2021: Global

    • The global oil & gas FPSO demand market is estimated to be $28.01 billion in 2018, it is forecasted to reach $44.12 billion by 2022, with an estimated CAGR of 14.42 percent
    • With increase in crude prices, demand for FPSO is expected to increase over the next three years
    • The Discovery of deepwater assets far-off from the coasts is expected to be the key behind the demand increase in the  upcoming years

    Global FPSO Market Size by Region: 2017

    • Africa has surpassed South America and Asia to be the largest market for FPSO
    • FPSO market across Africa, Asia, and South America constitute to 74 percent of the global FPSO market
    • Petrobras, CNNOC, Total, ExxonMobil, Chevron, Shell, and BP are the major buyers of FPSO service, and they constitute to 55 percent of the total global demand

    The Discovery of deepwater assets will be a key reason behind the increase in demand. However, the supply market is expected to be surplus in nature, irrespective of the crude price recovery, due to medium demand in the market for FPSO service. Therefore, client can look to engage with a floating production and offloading supplier on a long term basis

    FPSO Demand by Countries

    • Brazil is the largest market for FPSO on a country level.Development of new offshore fields is the key driver for the FPSO demand
    • China and the UK collectively constitute about 22 percent of the FPSO demand on a country level
    • Angola and Nigeria are the major FPSO markets in Africa

    FPSO Demand by Oil Companies

    • Petrobras is the single largest operator of FPSO vessels globally
    • Other major oil companies, namely CNOOC, Shell, Total, Exxon Mobil, operate around 20 percent of FPSO fleet
    • The rest of the fleet is operated by independent and smaller oil companies

    Growth Drivers 2018: Global

    New offshore discoveries, increase in spending from E&P companies, and changes in regulations are set to drive the demand for FPSO

    New offshore discoveries and development

    • New discoveries of deepwater fields offshore of Africa, Brazil, and Guyana are the key drivers for the demand for FPSO
    • Offshore Guyana is forecasted to have a demand for five FPSOs, as estimated recoverable resources have risen by 25 percent

    Increasing oil price

    • Higher oil price in H1 2018 is encouraging the E&P companies to develop the deepwater assets

    Changes in regulations

    • New energy policy enacted by the Brazilian government to increase production from pre-salt basins in offshore
    • This is likely to increase the demand by 30 percent in the Brazilian market alone

    Growth Constraints 2018: Global

     Environmental concerns are seen as the hindrance in developing the offshore assets

    Environment concerns

    • Increase in environmental concern in developing the offshore assets is seen as the hindrances by oil companies

    Increase in FPSO day rates

    • Following the increase in demand, the day rates of FPSO are expected to increase

    FPSO Market Drivers And Constraints

    There are many factors that affect the demand for FPSO and FPO. Factors that drive the supply-demand are usually the main determinants of the floating processing unit (FPU) market and converted tanker growth. Regional political developments also impact the industry. If there are any environmental regulations and changes in other rules and regulations that affect the market, they are described. The primary driver for demand for an FPS / floating production storage and offloading vessel is the oil-field capex and supply-demand for crude oil globally. New discoveries of oil and gas naturally drive the offshore processing unit growth and the requirement for FSU / floating storage unit production vessels.  The cost of oil also determines how feasible it is to charter a floating storage offloading vessel. Crude oil rates also determine the cost of running a floating production, storage & offloading vessel. The daily cost feasibility has a direct effect on market demand for storage vessels.

    FPSO Cost & Pricing Analysis

    This section of the report details the cost of having a floating production offloading vessel or converted storage tanker and helps one understand the financial advantages and disadvantages of having one. The cost structure analysis of FPSO helps one understand the breakup of the expenditure on an FPSO. One can understand the nuances of the expenditure on an FPSO and be able to understand what the actual cost will work out to be. The report also gives details of the contract models that are followed in the industry. It is informative about the different advantages of each contract model for an offshore storage unit and the geographies in which each is more popular. 

    FPSO Market Trends and Innovations

    Noteworthy technological advancements that impact offshore oil & gas production and the floating processing vessel and floating storage offloading vessel market are detailed in this section of the report. This includes any proprietary or patented technology that has made an impact. The crude industry is also constantly improving the efficiency, safety, and sustainability aspects of offshore oil & gas storage and production, and the key improvements and trends in cost-effectiveness,  sustainability and safety of offshore oil & gas processing are presented. 

    FPSO Market Overview

    • Low utilization rate, medium demand, and low day rates of floating production storage offloading have reduced the bargaining power of the supplier.
    • The global market is consolidated with few numbers of global players, while several NOCs have their own fleet of FPSOs
    • Hiring an experienced crew is likely to be the biggest barrier for new entrants into the FPSO market.
    • Supply-demand tends to be the key price driver for FPSO day rates.
    • Given the increase in oil price, day rates of FPSO companies are forecasted to increase as E&P companies are working to improve the production levels. 
    • Larger FPSOs, with high production and processing facilities, tend to have a high charter rate, due to cost-efficiency factors.
    • Ownership nature of FPSO, sourcing market and vendor selection are the key considerations to engage with the FPSO supplier. 
    • Charter type, commercial model and contract duration are the three key factors in selecting a cost-effective FPSO solution.

    Why Should You Buy This Report

    • Information about the profile and service capability of suppliers like MODEC, SBM Offshore, BW Offshore, etc.
    • Best sourcing strategies and procurement practices in the FPSO market.
    • Constraints, drivers and Porter’s five force analysis of the FPSO industry.