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Floating production storage and offloading (FPSO) is an offshore production facility that consists of processing equipment and storage for produced hydrocarbons. In the storage facility, oil is stored and handled until it is moved to a big tanker for refining and transporting. It is a floating vessel that is a converted oil big hauler, which is similar to a ship, equipped with production and handling facilities onboard. Furthermore, oil & gas from FPSO is transported to onshore through a big hauler in vessels. These vessels are utilized to extricate or get crude hydrocarbons from ocean beds, which are then handled in locally available preparing facilities.Â
The FPSO market size is expected to observer vigorous development, owing to increase in focus on offshore exploration and production activities and rise in exploration in deep & ultra-deep-water. As per the International Energy Agency (IEA), yearly capital spending toward offshore oil & gas production exercises is estimated to grow significantly, thereby positively impacting the market growth. In addition, exhausting onshore oil reserves support the organizations of FPSOs. However, the adoption of FPSO systems has declined due to decrease in prices of oil & gas.Â
Increase in exploitation activities of marginal oil reserves at remote offshore areas combined with the capacity of FPSOs to work without a fixed structure support are anticipated to have a positive impact on the market development. For example, in 2018, an oil field was found in North Western Shelf of Australia. Furthermore, capability of such units to withstand extreme weather conditions is expected to boost the market growth.Â
North America and the Middle East are the major undiscovered areas, which have negligible quantities of FPSOs and are expected to offer remunerative opportunities for the expansion of the FPSO market in the coming years. North America and Europe hold considerable market share and are expected to witness steady growth in the next few years due to increase in number of oil & gas reserves.Â
Brazil is anticipated to serve as a lucrative market for FPSOs, owing to increase in oil & gas exploration activities along with adequate government support toward the development of upstream operations, including energy and power. Presence of shallow water oil & gas fields in China, Indonesia, & India and presence of ultra-deep ocean reserves in these areas are evaluated to offer lucrative opportunities over the forecast timeframe for new production storage and offloading market.
Key benefits of the report
Floating Production Storage and Offloading Report Highlights
Aspects | Details |
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By Type |
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By Propulsion |
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By Hull Type |
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By Application |
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By Region |
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Key Market Players | Daewoo Shipbuilding & Marine Engineering Co., Exmar, Hyundai Heavy Industries, TechnipFMC Plc, Samsung Heavy Industries, KBR Inc., Exxon Mobil Corporation, Royal Dutch Shell PLC., BW Offshore Ltd., Total S.A., Chevron Corporation, China National Offshore Oil Corporation, Bumi Armada Berhad, Woodside Energy, SBM Offshore, bp p.l.c., Petrobras, MODEC, Inc., Teekay Corporation, Saipem |
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