Report

Floating Production, Storage and Offloading (FPSO) Market: Development, Opportunities and Market Outlook (2016-26)

Offshore locations have been producing oil since the late 1940s. Originally all oil producing platforms sat on the seabed in shallow water and the produced hydrocarbons were exported via tanker or pipeline. With the depletion of shallow water reserves, the oil companies have started exploring and producing from deep and ultra-deep waters. The transportation of hydrocarbons from the deep waters to the shore is very difficult via pipelines. Hence, the offshore oil and gas industry came up with a new structure termed as Floating Production, Storage and Offloading abbreviated as FPSO.

A FPSO unit is a ship-shaped floating offshore vessel, self-sustaining, seaworthy platform used for production and processing of hydrocarbons, and for the storage of oil. The FPSO concept allows oil companies to produce oil in more remote areas and deeper water that would not have been possible economically with any other technology. A FPSO vessel is capable of receiving hydrocarbons produced by it or from the nearby platforms, processes them and store oil until it can be offloaded to suitable instruments present on the shore. The advantages of a FPSO vessel are:

  • FPSOs allow development of short-lived, marginal fields in remote locations where any other offshore unit is uneconomical.
  • They eliminate the need of costly long distance pipelines to the shore.
  • They are more stable in harsh weather conditions

The FPSO market was approximately valued at 21 billion USD and is estimated to grow at a CAGR of XX % during the forecast period of 2016-2026. There are currently around 22 running projects of FPSO, and over 28 planned projects.

The FPSO market was approximately valued at 21 billion USD and is estimated to grow at a CAGR of XX % during the forecast period of 2016-2026. There are currently around 22 running projects of FPSO, and over 28 planned projects.

  • FSO (Floating Storage and Offloading)
  • FDPSO (Floating Drilling and Production, Storage and Offloading)
  • FSRU (Floating Storage and Regasification Unit)

Understanding FPSO:

Production: The FPSO is fitted with equipments that can produce hydrocarbons from a site and then process them in a refinery sort of equipment to distil the oil obtained from the ocean along with the gases emitted. This is the most important feature of FPSO.

Storage: Just like it is important to process the hydrocarbons, it is equally important to store the distilled product. The FPSO is installed with pipelines and storage tanks to store the processed hydrocarbons avoiding any leakage or major contamination.

Offloading: The offloading feature becomes important when the FPSO has to transfer the stored content into ships designed as oil carriers to the shore. Offloading refers to removing the cargo containing hydrocarbon products in a FPSO and transferring the content into another cargo carrying vessel. The offloading process is carried out in the middle of sea and is viable to huge risks.

The design structure of the FPSO can be categorized into following parameters-

  • Mooring System: This system allows the ship to rotate or move in the direction where environmental loading and stresses due to winds, waves and currents is minimal. A FPSO is continuously moored in an open sea so that the stresses imposed are minimized. There are two types of mooring system: spread mooring and turret mooring
  • Hull types: FPSOs are generally mono-hull type of vessels. Double hull is not a necessary requirement for FPSOs
  • Fluid Swivels: They connect the subsea risers to the topside processing plant
  • Topside Processing facilities: The facilities can be oil and water separation, gas compression, water injection, cargo handling and offloading, utility handling, etc.
  • Offtake and Export: The offloading and export can take place in two manners: alongside and tandem.
  • Accommodation: It defines the fire safe wall facing the process systems. The distance between process facilities and accommodation is at least 100 ft. The location of the accommodation affects the location of turret and machinery space. The accommodation can be configured at the bow or at the stern.

A growing global energy demand coupled with increasing production and drilling activities in the offshore areas, depleting onshore reserves etc. are the key drivers and motivating factors of the FPSO market. In addition, due to under developing technologies the companies are hesitating to expand their operations into the ultra-deep waters, thereby proving to be a restraining factor in the FPSO market. Moreover, lower number of existing FPSO structures and flat oil prices also contributes as the major restraints in this market. More number of FPSO projects during the forecast period, advanced offshore technologies like greater stability, easy mooring, etc. are some of the opportunities to be looked upon in the FPSO market.

The profiles and the comprehensive operational study of various key players in the FPSO development market like SBM Offshore N.V. (Netherlands), MODEC Inc. (Japan), (South Korea), Hyundai Heavy Industries Co. Ltd. (South Korea), Yinson Holdings Berhad (Malaysia), BW Offshore (Norway), Aker Solutions ASA (Norway), Teekay Corporation (Bermuda), Samsung Heavy Industries Co. Ltd., Bluewater Energy Services B.V.(Netherlands) etc. have been well analyzed and included in the report.

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By Technology

Product:

  • Converted
  • New-Built
  • Redeployed

Modification:

  • FSO
  • FDPSO
  • FSRU

By Application

  • Shallow Water
  • Deep Water
  • Ultra Deep water

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
  • Rest of the World (ROW)
  • Market overview and forecasting covering Optimistic, Realistic and Pessimistic scenarios (2016-2026)
  • Analysis and study of various services provided by major players active in the FPSO market
  • Market segmentation based on Technology, Application & Geography
  • Detailed coverage of technology and services involved
  • Technical comparative studies and case analysis
  • Competitive landscape with in depth analysis of the market players’ strategy
  • Infraline’s Techno Managerial edge covering SWOT, TOWS, Porter’s five forces and PESTLE analysis

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