2014-04-17 23:15:02 - The Floating Production, Storage and Offloading (FPSO) Market 2013-2023 - a new market research report on companiesandmarkets.com
By the end of this year global capital expenditure on new-build and converted floating production, storage and offloading (FPSO) vessels will reach $8.33 billion. The market for FPSOs is picking up after the difficult years that followed the financial crisis. After 2009 the sector suffered from tight financing as much as reduced demand for oil from the developed economies.Though project financing still represents a hurdle for new FPSO orders, the market is currently benefitting from E&P developments offshore Brazil and West Africa in the so-called pre-salt regions. With the rate of new onshore discoveries declining, oil prices likely to remain high and economic growth gradually resuming globally, the FPSO market as a whole will see a period of unprecedented growth
in the short-term.Floating production, storage and offloading (FPSO) vessels are a competitive solution for the development of offshore oil fields. This is especially the case when E&P operations are performed in challenging environments and marginal fields where alternative infrastructure, such as oil pipelines, are insufficient or would require excessive capital investment in order to be completed. With the rate of new onshore discoveries at an historic low, consistently high oil prices and technology enabling exploration in unprecedented depths, production in deep and ultra-deep waters has gained the spotlight in the oil industry. Demand for new-build and converted FPSO vessels is benefitting from this trend.The South American and West African regions will see the highest investments due to their recent ultra-deep water discoveries in the so-called pre-salt basins. However, other regions will experience solid growth rates throughout the forecast period, such as South-East Asia, as more countries strive to balance diminishing onshore output with the development of new offshore reservoirs.
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