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Rystad Energy: 10 FPSO contracts expected in 2022
Save to read list Published by Nicholas Woodroof , Editor Oilfield Technology , Friday, 07 January 2022 10:30
Demand for FPSO units in Brazil was a significant contributing factor that drove 2021 growth, with seven of last year’s 10 contract awards being Brazilian projects. The South American nation is expected to continue driving global awards in 2022, with an additional three FPSOs expected. Not only is Brazil delivering more awards, but the Brazilian projects are expected to be the largest in terms of production capability. For instance, the unit bound for P-80 will become the ninth in the Buzios area. It will have an oil processing capacity of around 225,000 barrels per day (bpd) and a gas processing capacity of about 12 million cubic meters per day, which is the same size as the FPSO Almirante Tamandare awarded in early 2021.
In 2022, fellow South American player Guyana is expected to contribute one FPSO to the global total, with the UK adding two projects. Angola, Australia, China, and Malaysia are forecast to each award one new FPSO contract this year.
“With around 30 FPSO units under construction or queued up for construction, and another 10 expected to be awarded over the next 12 months, the market is set to build on its recent success. However, as witnessed in many other facets of the global economy in recent months, supply chain concerns linger and will test the market’s ability to take in new contracts without uncontrollable cost overruns and delays,” says Zhenying Wu, a senior analyst with Rystad Energy.
The FPSO market saw a strong finish to 2021, with two lease-and-operate contracts, two front-end engineering and design (FEED) contracts and one contract extension awarded in the fourth quarter.
In Brazil, Yinson has been awarded two letters of intent (LOI) from Petrobras to supply the Integrado Parque das Baleias (IPB) FPSO and for operation and maintenance services under a lease-and-operate agreement lasting 22 years and six months from the day of final acceptance. The FPSO will be deployed at the Jubarte field in the North Campos basin and is scheduled to start production in late 2024.
Enauta Energia issued Yinson another LOI to provide, operate and maintain an FPSO at the Atlanta field in the Santos basin in Brazil. The job covers the adaptation of FPSO OSX-2 by Yinson through a turnkey engineering, procurement, construction and installation (EPCI) contract, with warranty and operations and maintenance for 24 months. The FPSO acquisition and adaptation cost will be around $505 million. Yinson has the option to purchase a unit linked to funding. If the call option is exercised, it will be linked to charter, operation and maintenance contracts for 15 years, which may be extended for another five years, totaling $2 billion for the 20 years. The contract is Yinson’s third project award in Brazil and is subject to a final investment decision during the first quarter of 2022.
Elsewhere in South America, ExxonMobil awarded SBM Offshore an FPSO FEED contract for the deepwater Yellowtail development in the Stabroek block off the coast of Guyana. The FPSO will be designed to have an oil-processing capacity of 250,000 bpd, a gas-processing capacity of 450 million cubic feet per day and storage of up to 2 million barrels. When finished, the FPSO will be the company's largest producing unit ever built.
ExxonMobil is currently producing from Stabroek via the Liza Destiny FPSO. The Liza Unity FPSO arrived in Guyanese waters on 26 October, and ExxonMobil expects both units to produce this year. When the Prosperity and Yellowtail projects come online in 2024 and 2025, respectively, ExxonMobil will have a total processing capacity of more than 800,000 bpd in Guyana.
In Nigeria, BW Offshore secured a lease extension for the FPSO Sendje Berge, operating for Addax Petroleum Exploration (Nigeria) Ltd, that will run through to the fourth quarter of 2022.
In Norway, Aker Solutions received an LOI for a FEED contract from Equinor to supply an FPSO to be employed at the Wisting field in the Norwegian sector of the Barents Sea. The scope of the FEED is to provide front-end engineering design for a circular FPSO solution, which includes an option for EPCI of the FPSO topside. If the project moves forward to the execution phase, the EPCI option potentially represents a significant contract that is estimated to be worth between $960 million and $1.45 billion.
Read the latest issue of Oilfield Technology in full for free: Issue 4 2021
The issue starts with a report from Rystad Energy focusing on the outlook for the upstream industry in the Middle East. The rest of the issue is dedicated to features covering production optimisation, drill bits, pipeline integrity, health and safety, and more.
Exclusive contributions come from Varel Energy Solutions, Rystad Energy, Gyrodata, 3X Engineering, Tracerco, Ulterra Drilling Technologies and more.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/07012022/rystad-energy-10-fpso-contracts-expected-in-2022/
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Dana has operated the Triton FPSO since 2012. It is located in block 21/30 approximately 120 miles east of Aberdeen, and produces oil and gas from the Bittern, Clapham, Pict, Saxon, Guillemot Area subsea facilities. Join venture partners are: Dana Petroleum (52%), Tailwind Mistral (46%) and Waldorf Production UK plc (2%).
- Triton FPSO producing oil and gas from the Bittern, Guillemot West & North West fields Clapham and Pict and Saxon fields
- Location UK Central North Sea, Block 21/30, approximately 193km (120 miles) east of Aberdeen
- Integrated teams are led as follows:
- FPSO – Dana Petroleum (duty holder)
- Bittern – Dana Petroleum (operator)
- Guillemot W & NW – Dana Petroleum (operator)
- Clapham, Evelyn, Pict and Saxon fields developed as subsea tie-backs to the Triton FPSO by operator Dana Petroleum
- Fields tied back to FPSO via subsea facilities comprising a series of pipelines and manifolds:
- Bittern 20kms from FPSO
- Guillemot West 12kms from FPSO
- Gannet E 3.5kms from FPSO
- Export Oil via shuttle tanker
- Gas via Fulmar gas line to St Fergus
- Drilling carried out by mobile drilling units over the respective fields.
- Dana Petroleum
- Tailwind Mistral
- Waldorf Production UK plc
An overview of Triton FPSO
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FPSO Demand Booming: 10 Units Expected to Be Ordered in 2022
July 5, 2021
More FPSO contracts were awarded in the second quarter of 2021 than during the whole of 2020, with Rystad Energy expecting FPSO awards to reach a total of 10 units in 2021. Rystad has also noted muted interest from suppliers for some recent FPSO tenders, citing a nearly full capacity with several suppliers unable to take on new projects.
Further, Rystad sees another 10 FPSO orders in 2022, which will, according to the Norwegian energy intelligence group, create "a very healthy project line-up for contractors, effectively doubling their pipeline."
"Four FPSOs were awarded in the second quarter and we believe another four will be awarded before the end of the year. Including the two awards from the first quarter, this will bring the total tally up to 10 FPSO contract awards in 2021 – more than triple the three awards from 2020 – signaling a rapid comeback in FPSO contracting activity, despite the Covid-19 pandemic," the company said in a recent report.
The four FPSO contracts expected to be awarded before the end of the year include the Mero 4 and Parque das Baleias in Brazil, Limbayong in Malaysia, Liuhua 11-1 in China.
Aleksander Erstad , energy service research analyst at Rystad Energy said:"It’s not that contractors were out of business, there are currently over twenty FPSOs under construction, one of which is likely to start-up already this year. But after a weak 2020, the recent awards and the expected ones are doubling the pipeline, ensuring manufacturers will keep busy in the years ahead."
Per Rystad, the Brazilian oil giant Petrobras is currently evaluating bids for the two Brazilian FPSOs, Mero 4 and Parque das Baleias.
FPSO Supply Chain Nearing Full Capacity
"The Brazilian giant only received bids from one supplier for each of the FPSOs. For the larger unit, Mero 4, SBM Offshore was the sole bidder, while Yinson was the only player to bid for the smaller Parque das Baleias FPSO. The muted interest comes as the FPSO supply chain is nearing full capacity with several supplier unable to take on new projects," Rystad said.
In Malaysia, Rystad said, Petronas is evaluating bids for the Limbayong FPSO with a contract award expected to be handed out before the end of the year. Contractors involved in the bidding process are Yinson, MISC, Sabah International Petroleum, and a consortium comprising Bumi Armada, MTC and Shapoorji Pallonji.
Also, China’s CNOOC is eyeing for a cylindrical FPSO to redevelop the Liuhua 11-1 and Liuhua 1-4 fields in the South China Sea. The FPSO will be built in China and is likely to involve COOEC, Cosco and CIMC Raffles, Rystad added.
Another 10 projects are likely to be awarded in 2022, with the year expected to match 2021 in terms of FPSO awards. Most of the FPSO awards come from Latin America with four units bound for Brazil and one for Guyana. Angola and the UK are likely to see two awards each, and one is lined up for Australia, Rystad said.
The contract is valued at $2.3 billion with Saipem’s share at $1.3 billion and DSME’s share accounting for the rest of the total value. DSME will build the hull and living quarters while Saipem will cover the topsides. The FPSO will be a newbuild with oil processing capacity of 180,000 barrels of oil per day (bpd), gas processing of 254 million cubic feet per day, and storage of 2 million barrels. The project will also give a boost to domestic Brazilian fabrication activity as Petrobras requires a 25% local content share.
- Petrobras Orders $2.3B FPSO from Saipem, DSME JV
The contract for Equinor’s Bacalhau FPSO was also finalized in the second quarter. On June 1, Equinor reached a final investment decision for the field development, triggering the full engineering, procurement, construction, and installation scope, which will be executed by Modec. Modec will also operate the FPSO for the first year.
The company has conducted the front-end engineering design and pre-investment on the FPSO under a contract signed with Equinor in early 2020, and the FPSO hull is already under construction by Dalian Shipbuilding Industry Company in China. Once completed, the FPSO will be one of the largest in the world with oil processing capacity of 220,000 bpd, gas injection of 530 million cubic feet per day, water injection of 200,000 bpd, and 2 million barrels of storage capacity.
- MODEC Confirms Bacalhau FPSO Order
In China, SK Innovation handed out a lease and operate contract to CenerTech for an FPSO to be deployed in the Lufeng 12-3 field. CenerTech will build the FPSO, then lease and operate it for a fixed period of 10 years. The contract is valued at RMB 4.43 billion ($684 million) with FPSO capital expenditure incurred by CenerTech estimated at RMB 2.41 billion ($372 million).
Petrobras contracted two FPSOs during the second quarter. In addition to P-79, the P-78 FPSO was contracted earlier in May. The P-78 was awarded to Keppel Shipyard under a turnkey contract valued at $2.3 billion. Keppel subcontracted the hull and living quarter scopes to Hyundai Heavy Industries for $762 million. The FPSO will have identical specifications as P-79.
Keppel will use its Brazilian shipyard BrasFELS on parts of the fabrication scope to fulfill the 25% local content requirement. The P-78 and P-79 FPSOs represent a change in Petrobras’ contracting strategy.
Petrobras had been contracting all FPSOs under lease and operate agreements. The switch to turnkey contracting, however, opens up to a wider set of potential suppliers, and Petrobras made the move as the leasing market for very large FPSOs is nearing full capacity, Rystad said.
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Subsea UK Releases FPSO & FPU and The Subsea Vessel Databases
- Business & Finance
In addition to the popular subsea Contracts and Projects Databases, Subsea UK announces two new databases, cataloguing subsea vessels globally, as well as FPSOs & FPUs.
The FPSO & FPU Database contains information on 175+ Floating Production Storage and Offloading vessels and around 100 Floating Production Units, including semi submersibles, spars and tension leg platforms. This database holds information on both FPSOs & FPUs in development and currently deployed on fields. Data includes location, mooring systems and riser layout for each vessel.
The Subsea Vessel Database is a list of 250+ vessels outfitted for use in the subsea industry. This database includes information on the vessel owner and/or operator, vessel type, most recent geographic location, and commitments to current and future offshore contracts.
These two new databases supplement the work Subsea UK has put into collecting raw data on global subsea projects and contracts. The Projects Database now boasts 930 global subsea projects (360 active), with information on location, operator, water depth, number of subsea wells, manifolds, pipelines and umbilicals. The Contracts Database has information on over 400 subsea contracts dating back to 2009.
These databases will continue to be updated monthly. The newest versions are all available for download to Subsea UK members by logging into the Reports section of the website, under the Information tab.
[mappress] Source: subsea uk , July 4, 2011
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Rosebank projected to provide £6.3 billion of investment to the UK
The Equinor-operated Rosebank oil and gas field will provide significant investment into the UK.
According to a socioeconomic study by Wood Mackenzie and Voar Energy, if sanctioned Rosebank is estimated to create £8.1bn of direct investment, of which £6.3bn is likely to be invested in UK-based businesses.
Over the lifetime of the project, Rosebank will generate a total of £24.1 billion of gross value add (GVA), comprised of direct, indirect and induced economic impacts.
Rosebank, which is factored into the UK Government’s carbon budget, will have a significant impact on the UK production outlook. In 2021, the UK only produced 57% of the volumes required to meet oil demand and 41% of national gas demand.
From first production in 2026 through to 2030 Rosebank could account for ~8% of the UK’s oil production. Rosebank, which will be tied to the UK gas infrastructure, is projected to produce an average of 21 MMSCF of natural gas every day, equivalent to the daily average use of Aberdeen city.
Arne Gürtner, senior vice president Upstream in the UK and Ireland said, “Equinor is committed to Net Zero by 2050 and is ready to invest to bring energy security while also transitioning to lower-carbon energy sources over the coming years. Here in the UK we are building the world’s largest wind farm, Dogger Bank, and are planning some of the largest hydrogen and CCS projects in the world. That said, for the next few decades oil and gas will continue to play a vital role alongside these low carbon systems. Therefore, while we still need oil and gas, we aim to develop and operate projects such as Rosebank with the lowest possible carbon footprint while bringing the maximum value to society in the shape of UK investment, local jobs and energy security.”
Equinor acquired operatorship of Rosebank in 2019 and has since then been working to optimise and mature a development solution for the field, originally discovered in 2004, together with partners Suncor and Ithaca Energy. The selected development concept for the Rosebank field includes redeployment and reuse of an existing FPSO, which will avoid 250 thousand tonnes of CO 2 emissions.
Equinor and project partners will invest around £80 million up front to ensure it will be possible to power operations with electricity. As a result, Rosebank could become one of the first oil and gas developments on the UK continental shelf to be powered by electricity, reducing the emissions and contributing to the UK government’s decarbonisation target of achieving a net-zero basin in the UK by 2050.
Rosebank will also have a major impact on local supply chains, industry and jobs according to the report. In excess of 1,600 jobs are estimated to be directly employed in the development of the project at the height of the construction phase in Q2 2025.
Peak UK-based employment – consisting of nearly 1,200 direct, indirect, and induced jobs – is observed in the following quarter. Across the lifetime of the field, Rosebank will continue to support significant employment with an average of 450 UK-based full time direct, indirect and induced jobs.
Equinor and the Rosebank project partners are working to progress the project to a final investment decision in 2023. Next steps will include obtaining consent for the project, which is subject to relevant regulatory approvals, including a public consultation on the environmental statement.
Ola Morten Aanestad Equinor Spokesperson [email protected] +47 480 80 212
- Market Data
Rosebank Conventional Oil Field, UK
Rosebank is a conventional oil development located in deepwater in the UK and is operated by Equinor UK. Discovered in 2004, Rosebank lies in block 205/1a ALL, 205/2a ALL, 213/26a ALL, 213/27a ALL, and 213/26b ALL, with water depth of around 3,889 feet.
The project is currently in feed stage and is expected to start commercial production in 2025. Final investment decision (FID) of the project will be approved in 2022. The Rosebank conventional oil development will involve the drilling of approximately 24 wells and includes FPSO, subsea manifold, and subsea trees.
Field participation details The field is owned by Equinor, Suncor Energy and Siccar Point Energy.
Production from Rosebank Production from the Rosebank conventional oil development project is expected to begin in 2025 and is forecast to peak in 2028, to approximately 92,456 bpd of crude oil and condensate and 74 Mmcfd of natural gas. Based on economic assumptions, the production will continue until the field reaches its economic limit in 2049.
Remaining recoverable reserves The field is expected to recover 368.7 Mmboe, comprised of 325.32 Mmbbl of crude oil & condensate and 260.24 bcf of natural gas reserves.
Contractors involved in the Rosebank conventional oil field Some of the key contractors involved in the Rosebank project as follows. Design/FEED Engineering: Worley Other Contractors: Bonheur, Magnora, Metocean Services International, Schlumberger and SeaBird Exploration
About Equinor UK Equinor UK Ltd (Equinor), formerly Statoil (U.K.) Ltd is an oil and gas company that explores, develops, markets and supplies natural gas and crude oil. The company’s activities include offshore wind, upstream operations, natural gas trading and crude oil sales. It carries out offshore operations to develop various offshore wind technologies and projects. Statoil UK’s wind projects include Sheringham Shoal wind farms, Dogger Bank offshore wind project, Hywind Scotland Pilot Park and Dudgeon wind farms. The company owns oil and gas properties in the UK continental shelf. It trades and markets gas to industrial customers across Europe. The company operates through its office located in Aberdeen, the UK. Equinor is a subsidiary of Statoil ASA and headquartered in London, the UK..
Methodology Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.
Oil & gas lead and report bundle, innovation in oil & gas: oil well fracking, environment sustainability in oil & gas: syngas co2 sequeste..., innovation in oil & gas: syngas production processes, unconventional (oil and gas) production in the us lower 48, ..., companies intelligence, schlumberger ltd, metocean services international (pty) ltd, ithaca spe ltd, seabird exploration plc, more market data, oil and gas contracts awarded globally down 5% in november 2022, offshore oil and gas contracts up 14% in november 2022, contract activities in downstream segment in asia-pacific down 69% in november 2022, contract activities in downstream segment in europe up 40% in november 2022.
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What is an FPSO? What are the Key FPSO Projects and Companies?
04 th August 2022
In the offshore oil and gas industry, FPSO means a Floating, Production, Storage, and Offloading vessel. An FPSO is equipped with processing equipment that helps separate, store, and offload crude oil and gas extracted from subsea oil wells or platforms.
An FPSO is the most commonly used floating system for offshore projects. As a floating facility, an FPSO optimizes offshore installation’s benefits and subsea wells’ potential.
FPSOs are designed for reliable and safe performance, with strict adherence to industry compliance and environmental standards.
Do you want to learn more about an FPSO? Read on.
FPSO (Floating, Production, Storage, and Offloading) is a floating vessel—an offshore production facility that contains processing equipment and storage for produced hydrocarbons. After processing oil and gas, an FPSO stores them safely before offloading onto an oil tanker or transporting through pipelines.
Typically, an FPSO looks like a ship-shaped vessel, with processing equipment above the vessel’s deck and hydrocarbon storage below the vessel’s deck (in the double hull).
While a new-build FPSO is designed and constructed from scratch, a converted FPSO is made by modifying an existing vessel, such as a crude oil shuttle tanker.
A shuttle tanker is a ship that transports oil from offshore oil fields to onshore refineries. An offloading FPSO vessel makes it convenient to transfer crude oil to shuttle tankers for shipping to refineries instead of transporting oil via a pipeline to shore.
In recent years, FPSO conversion has involved building large FPSOs by converting very large crude carriers (VLCCs).
The FPSO concept dates back to 1977 when Shell (the oil and gas major) built the world’s first FPSO platform “Shell Castellon” in Spain by converting an oil tanker.
Before the advent of FPSOs, companies could only extract oil and gas from shallow fields and transport via a subsea pipeline.
It was a challenging and an economically unviable extraction method used in oil and gas fields far away from shore.
However, FPSO deployments over the years have led to an increase in offshore oil gas production because of the cost-effective FPSO units, which are transferable and reusable at offshore sites.
FPSOs are widely used by oil and gas companies, which often lease FPSOs for the processing and storage of oil and gas.
Around 270+ FPSOs are successfully operating worldwide. Contrary to traditional offshore oil and gas platforms, FPSOs are considered to be cost effective, flexible, efficient, and safe.
What are the top countries using FPSOs? The list includes Brazil, the UK, Malaysia, Angola, Nigeria, Indonesia, Vietnam, India, Guyana, Côte d'Ivoire, and Ghana.
How Does an FPSO Work?
An FPSO receives fluids (crude oil, water, etc.) from a subsea reservoir through risers that separate these fluids in the topside production facilities.
Furthermore, an FPSO stores oil or gas before offloading to a shuttle tanker or conveying processed petroleum through flexible pipelines.
An offloading FPSO vessel is equipped with an offloading system to transfer crude oil to shuttle tankers for shipment to refineries.
The major components of an FPSO unit are:
The FPSO hull refers to the topside (above sea level). The hull is newly built or made by converting an existing tanker in accordance with project specifications.
Most FPSO hulls are supplied or built within the Asia Pacific region.
The mooring system comprises anchors, connectors, and mooring lines. The mooring system holds the FPSO in place against waves and winds and supports a safe FPSO operation.
The choice of an FPSO mooring system depends on the predominant environmental conditions and water depth.
The turret mooring system (TMS) consists of a fixed turret column held by an external or internal structure through a bearing arrangement.
This system enables the vessel-bound components to weathervane freely around the fixed turret via several anchor lines connected to the seabed.
Contrary to a central mooring system that allows an FPSO to rotate freely, a spread mooring system fixes the FPSO from different locations.
However, disconnectable mooring systems are also used in environments prone to hurricanes or storms.
Risers are cylindrical conduits that primarily transfer fluids and gases from the subsea wellhead to the production platform or vessel.
Types of FPSOs
Based on their processing and storage capabilities, FPSOs are classified into four common types:
- Floating, Drilling, Production, Storage, and Offloading (FDPSO) unit
- Floating, Production, Storage, and Offloading (FPSO) unit
- Floating, Storage, and Offloading (FSO) unit
- Floating, Storage, and Regasification unit (FSRU)
In a related context of oilfield services, the floating, production, and offloading (FPO) business specializes in EPC (engineering, procurement, and construction), commissioning, and the operations of floating oil and gas facilities as per client requirements.
An FSO is an FPSO without oil or gas processing capability. Most FSOs are converted single hull supertankers.
Furthermore, a liquefied natural gas FPSO (LNG FPSO) provides a sustainable way to develop nearshore and offshore gas reserves.
From serving as a floating storage vessel to an offloading unit, an FPSO serves multiple uses and is a great asset for oil companies, including oil producers.
Advantages and Disadvantages of FPSOs
Primary advantages of fpsos.
Adaptability and long service life
Adaptability to diverse environmental conditions and water depths, and sustainability in long-term (20 years or longer) operating conditions make FPSOs a preferred choice for many offshore oil- and gas-producing regions worldwide.
Freedom and flexibility
Oil and gas companies enjoy more freedom with FPSOs with respect to exploration and extraction.
As permanent structures and pipelines are not mandatory, an FPSO system also offers wide flexibility in operation and pipeline connectivity.
Better safety and storage
FPSO systems provide better safety and storage capacity than conventional processes and systems.
Moreover, FPSOs maximize cost efficiencies during construction.
FPSOs enable companies to produce oil and gas cost effectively than traditional offshore oil and gas production and storage.
FPSOs ensure competitive balance between smaller producers and larger producers.
Suitable for smaller oil fields
The elimination of long-distance, expensive pipelines makes FPSOs particularly suitable for smaller oil fields.
Furthermore, FPSOs provide huge time savings and are highly effective in deep water and remote locations that are not ideal for seabed pipelines.
Major Disadvantages of FPSOs
Long construction and conversion time
FPSOs take around 1-2 years to build or convert and require a costly and timely environmental study for a specific field once accepted.
Lightering refers to “at-sea transfer” or “ship-to-ship transfer” of petroleum cargo from a large tanker to smaller ships or vessels.
Sometimes, the transfer of crude oil from an FPSO to a shuttle tanker may pose oil spill risks and have disastrous consequences for the marine environment and local inhabitants.
Compared to pipeline transport, FPSO vessel operations in deep water carry the highest crude oil spill risks from the transport function.
FPSO operators take utmost precautions to prevent oil spills. For example, FPSOs operating in the North Sea must abide by tough environmental regulations.
Key FPSO Projects and Companies
An FPSO project contributes to maintaining stable oil and natural gas supplies, as well as solving potential shortages, with significant crude oil and gas production capacities.
FPSO projects have demonstrated a strong comeback primarily due to the launch of new explorations stemming from depleting onshore oil and gas reserves, higher oil prices, creative financing options, and industry partnerships.
Furthermore, fabrication and integration innovations at global shipyards and market dynamics are increasing the momentum of newly sanctioned projects.
The rising energy demand is also leading to a surge in new FPSO projects in the Middle East, Latin America, South America, the United Kingdom, and West Africa, among other regions.
Key global FPSO contract awards for 2019-2022 include:
- Cameia, Angola
- Liuhua 11-1, China
- Limbayong, Malaysia
- P-80, Brazil
- Maromba, Brazil
- Yellowtail, Guyana
- Dorado, Australia
- Gato do Mato, Brazil
- Marigold, UK
Let’s look at some well-known existing and upcoming FPSOs across the world:
FPSO Cidade de São Paulo MV23
The FPSO Cidade de São Paulo MV23 is stationed at the Sapinhoá field (formerly known as “Guara”), BM-S-9 Block in the “pre-salt” region of the Santos Basin (offshore Brazil).
The acquisition of FPSO Atlanta (formerly known as “OSX-2”) by the Brazilian oil company Enauta highlights a significant asset to be operated under ABS (American Bureau of Shipping) Class, with an estimated production capacity of 50,000 barrels of oil per day (BOPD) by 2024.
The United States-based ABS is a leading ship classification organization, which serves as a safety and risk management advisor to several industrial and government clients.
FPSO SEPETIBA is an offshore support vessel built in 2021 and deployed at the Mero field in the Santos Basin offshore Brazil.
FPSO SEPETIBA (formerly known as “Mero 2”) has a processing capacity of up to 180,000 BOPD and a minimum storage capacity of 1.4 million barrels of crude oil, among other features.
ExxonMobil’s Yellowtail project in the huge Stabroek Block offshore Guyana will feature ONE GUYANA—SBM Offshore’s advanced FPSO, which is expected to begin production in 2025.
The FPSO includes standardized topside modules with an estimated optimum oil production capacity of 250,000 barrels per day (BPD). In addition, the vessel will have sizeable storage and gas treatment capacities along with a water injection capacity of 300,000 BPD.
South Korea-based Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) is working on a proposed FPSO that will leverage offshore wind power to produce hydrogen.
The floating hydrogen production offshore plant (Hydrogen FPSO) is considered an optimal solution to achieve energy independence and safely produce green hydrogen.
The leading FPSO owners include:
- SBM Offshore N.V.
- MODEC, Inc. (Mitsui Ocean Development & Engineering Company, Inc.)
- BW Offshore Limited
- MISC (MISC Berhad)
- Bumi Armada (Bumi Armada Berhad)
- Altera (Altera Infrastructure Holdings L.L.C.)
- Yinson (Yinson Holdings Berhad)
- Bluewater (Bluewater Energy Services B.V.)
- Teekay Corporation (TK)
- Saipem (Saipem S.p.A.)
The leading FPSO operators include:
- Petrobras (Petróleo Brasileiro S.A.)
- Eni (Eni S.p.A.)
- PETRONAS (Petroliam Nasional Berhad)
- ONGC (Oil and Natural Gas Corporation)
- Canadian Natural Resources Limited (CNRL)
- Sinopec Group (China Petroleum & Chemical Corporation)
- Petrovietnam (Vietnam Oil and Gas Group or PVN)
- Chevron (Chevron Corporation)
Other key players operating in the global FPSO market are Keppel Offshore & Marine (Keppel O&M) and Hyundai Heavy Industries Co., Ltd. (HHI).
Blackridge Research & Consulting – Global Floating Production Storage and Offloading (FPSO) Market Report
If you are looking for a detailed global FPSO market analysis, check out Blackridge Research & Consulting’s Global Floating Production Storage and Offloading (FPSO) Market Report .
The report provides deep insights into the current global and regional market demand scenario and various factors affecting the FPSO market growth.
The regional market analysis covers the FPSO market across regions, including Asia-Pacific, Africa, Europe, the Middle East, and North America.
The major demand drivers of the FPSO market include:
- Continued capital spending on deep water exploration
- Depleting onshore oil and gas reserves
- New deep water asset discovery
- A rise in crude oil prices
- Short development schedules
The FPSO market segmentation and forecast are based on the following:
- Converted Hull
- Shallow Water
- Ultra-Deep Water
- Single Hull
- Double Hull
In addition, the report assesses the FPSO market size, competitive landscape, market opportunities and threats.
Would you like to explore new project opportunities in the oil and gas industry? Explore the Global Project Tracker for in-depth coverage of key upcoming/future projects in the oilfield services sector.
FPSO is an adaptable and agile offshore structure suitable for large-scale oil production, processing, and storage. As efficient floating production systems with added benefits, FPSOs are widely used in the offshore oil and gas industry.
Deep water offshore oil and gas operations are on an upswing, with the focus shifting toward the highly flexible and versatile FPSOs.
An FPSO is a better choice when it comes to exploring remote offshore areas and extracting at a much lower cost than a conventional onshore oil field.
The growing popularity of FPSOs is further attributed to their transferability and reusability in the offshore oil and gas industry.
Delivering the same functionality as stationary oil and gas platforms, FPSOs are also viable in deeper and rougher waters.
The increasing number of deep water and ultra-deep water drilling projects and high potential for offshore marginal fields look promising for FPSO development and deployment in the future.
An FPSO is a truly efficient, economical vessel to make the most of global offshore oil fields.
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Blog 31st Oct 2022
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Profile: The six North Sea fields reportedly being ‘fast-tracked’ by UK Government
The government will reportedly aim to fast-track approvals of key oil and gas fields this year, as the Chancellor pushes for continued North Sea investment.
The Daily Telegraph reported yesterday that Chancellor Rishi Sunak has asked Business Secretary Kwasi Kwarteng to fast-track licences amid Treasury fears over the economic impact of the country’s net zero drive.
The fields named include Rosebank, Jackdaw, Marigold, Brodick and satellites on the Catcher field, as well as the delayed Tolmount East development. Most have already been partially sanctioned by government and have previously been announced as potential final investment decision (FID) targets this year.
Together, these sites could hold more than 420 million barrels of oil equivalent (boe).
A Whitehall source reportedly told the Telegraph: “The business secretary is pushing for more investment into the North Sea while we transition — not just for jobs and tax revenue, but for domestic energy security.
“Kwasi is actively resisting insane calls from Labour and the eco lobby to turn off UK production. Doing so would trash energy security [and] kill off 200,000 jobs, and we would only end up importing more from foreign countries with dubious records.”
The UK approvals process for oil and gas fields includes a protracted set of environmental assessments, concept selection and field development plans, all of which need to go through the Oil and Gas Authority (OGA). New projects are also soon to be faced with climate checkpoints to ensure compatibility with net zero goals.
The Rosebank field was discovered in 2004 and lies about 80 miles northwest of the Shetland Islands in water depths of approximately 1,110m.
The 300 million-barrel project, similar in profile and near the site of the controversial Cambo development, is scheduled for an FID in May.
Equinor holds a 40% operated interest in the project, alongside Suncor Energy (40%) and Siccar Point Energy (20%).
Arne Gurtner, UK and Ireland boss at operator Equinor, said in January that an update would be provided this year, though wouldn’t be drawn on whether the firm remains on track for that FID timeline.
Equinor pushed back the final investment decision date for the project from June 2019 to May 2022, which is when the three Rosebank licences are due to expire.
Energy consultancy Wood Mackenzie previously said developing Rosebank would cost about £4.5 billion and require a floating production, offloading and storage vessel, and up to 20 production wells. But Equinor believed it could lower the project budget if it spent more time weighing up the development options.
Jackdaw is a high-pressure, high-temperature (HPHT) gas condensate field, located about 155 miles east of Aberdeen. It was discovered in 2005 and appraised between 2007-12.
Reserves are estimated at between 120-250 million boe, with Shell holding a 74% operated interest in the field alongside ONE-Dyas (26%).
Plans drawn up by Shell would have seen Jackdaw produce via a new, normally unmanned installation, tied back to Shearwater, 20 miles away, however the Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) declined to sanction the Environmental Statement for the development in October last year.
OPRED has not disclosed why it rejected the Environmental Statement, while Shell subsequently said it was ‘proposing changes’ to the development, and reportedly resumed talks with the regulator in January.
A final investment decision for Jackdaw had initially been planned for late 2021, but has been waylaid by OPRED’s decision.
Together with the Sunflower field, Marigold lies in Licence P198 in the central North Sea around 135 miles northeast of Aberdeen in water depth of 140m.
Operated by Anasuria Hibiscus alongside partner Caldera Petroleum, the fields are thought to contain around 60 million boe.
Hibiscus submitted a field development plan for phase one of the Marigold project to UK regulators in December 2020. The scheme comprised three subsea production wells tied back to a floating production, storage and offloading (FPSO) vessel.
However, in January 2021, the Oil and Gas Authority (OGA) asked Hibiscus to assess whether the fields could be developed alongside Ithaca Energy’s adjacent Yeoman discovery (now renamed Marigold East).
As of last year, the two firms are negotiating a joint development agreement and are looking to settle on a development option, which could involve an FPSO or a tieback of the two fields to Repsol Sinopec’s Piper B platform.
Previously held by Total, the French energy giant decided not to move forward with the prospect, located in the Dumbarton area and now owned by NEO Energy.
In 2020 NEO bought a package of assets from Total in a £485 million deal, which included operated stakes in the Dumbarton, Balloch, Lochranza, Drumtochty, Flyndre, Affleck and Cawdor fields.
The former three are tied back to the Global Producer III FPSO, a likely tieback destination for Brodick.
In 2019, Wood Mackenzie said Brodick and Drumtochty were both expected to be straightforward tiebacks, and that Brodick may see production in 2021-22.
Catcher lies in block 28/9a of the UK central North Sea approximately 108 miles from Aberdeen in water depths of around 90m. The discovery was made by an exploration well drilled in May 2010.
The area produces from 18 subsea wells on Catcher, Varadero and Burgman. These are a combination of production and water injection wells, which are tied back to a newly built and leased FPSO vessel operated by BW Offshore.
Development drilling at two Catcher satellites – Laverda and Catcher North – was approved in 2019, but deferred by then owner Premier Oil in 2020 due to the Covid pandemic. New owner Harbour now expects to begin this year.
Premier had proposed to develop Laverda using a single production well and an 8” production flowline and 3” gas lift flowline tied-back to the existing Catcher FPSO.
- Tolmount East
Tolmount East is located in Block 42/28d of the southern North Sea. It will be developed as an extension to the existing Tolmount project, targeting around 53 million boe in gas and condensates from an area around two miles east of the main project, in water depth of around 50m.
It is operated by Harbour Energy (50%) and Dana Petroleum (50%).
Harbour has proposed a single well development, installation of subsea infrastructure, and a 4-kilometre, 12-inch pipeline tied back to the HGS Tolmount minimum facilities platform.
The development was sanctioned in July 2021 with development drilling planned for this year. First gas is expected in 2023.
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UK operator Orcadian receives expression of interest for heavy oil FPSO project
Orcadian aims to deploy polymer flooding to help produce oil at Pilot project
Orcadian Energy has received three expressions of interest to supply a floating production, storage and offloading vessel for the Pilot oil development in the North Sea.
The UK operator said in an announcement to the London Stock Exchange that it had engaged Crondall Energy to approach appropriate providers on its behalf and is delighted with the quality of the responses.
Three of four companies operating FPSOs on the UK continental shelf submitted detailed proposals.
Orcadian said it will enter into clarification discussions that will take several months.
Chief executive Steve Brown said: "We were very pleased to have received three such high-quality expressions of interest for the provision of an FPSO for the Pilot development.
"We will be evaluating these proposals and discussing them with the contractors, to optimise both the vessel selection and the technical and commercial framework for engaging an FPSO contractor as a partner in the development of Pilot."
Orcadian says Pilot sits in Block 21/27a in shallow water (about 80 metres), 140 kilometres east of Aberdeen, Scotland.
It has an audited reserve of 79 million barrels of oil on a proven plus probable basis. The oil is heavy with API gravities ranging from 12 degrees to 17 degrees.
Orcadian was previously called Pharis Energy, but it was founded as the Steam Oil Production Company in 2014 and, as that name suggested, was focused on attempting to deploy technology using super-heated water to recover the field's viscous oil.
However, it has since changed tack to what it reckons will be a more profitable development plan using polymer injection technology.
In addition to the FPSO, the field development concept comprises a wellhead platform and a floating wind turbine.
Orcadian said it was awarded the permit in 2014 in the 28th UK licensing round. The licence contains the Pilot Main, Pilot South and Harbour discoveries.
Pilot was discovered by Fina in 1989 after a successful well on the Harbour field, which proved up mobile oil in the Eocene Tay sands. Field development with an FPSO is expected to cost around $1 billion.
Orcadian Energy listed on London’s junior AIM market this year.
- Major push to prove the North Sea still has plenty to offer
- 'Sea snake' poised for Portugal action
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Cambo Field Development
Oil & Gas Upstream Offshore
Project Type :
Offshore oil and gas field development
North Sea, Shetland Islands, Scotland, UK
Siccar Point Energy E&P
Project Partners :
Siccar Point Energy (70%) and Royal Dutch Shell (30%)
Expected final investment decision :, expected start of production :, project gallery.
The Cambo oil field is located approximately 125km northwest of the Shetland Islands, Scotland, UK. Image courtesy of Baker Hughes.
The final investment decision (FID) on the Cambo field development is expected in the second-half of 2021. Image courtesy of Sevan SSP.
The Cambo field development plan involves a cylindrical floating production, storage and offloading (FPSO) vessel. Image courtesy of Sevan SSP.
Discovery and development background
Location and reservoir details, the cambo field development plan, contractors involved.
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Britain's HS2 rail project could be delayed further amid spiralling costs and 'significant' inflation
- HS2 bosses could delay the controversial rail project in a bid to curb rising costs
- Mark Thurston said the impact of inflation over the past year is ‘significant'
By Daily Mail Reporter
Published: 19:47 EST, 3 March 2023 | Updated: 19:57 EST, 3 March 2023
The HS2 rail project could be delayed among a number of options being considered to curb rising costs.
Boss Mark Thurston said the impact of inflation on the project over the past year has been ‘significant... whether that’s in timber, steel, aggregates for all the concrete we need to use to build the job, labour, all our energy costs, fuel’.
Phase 1 of HS2 involves the railway being built between London and Birmingham , with the line extended from the West Midlands to Crewe in Phase 2a.
Phase 2b will connect Crewe to Manchester, and the West Midlands to the East Midlands.
The target cost of Phase 1 is currently £40.3billion at 2019 prices and is due to open between 2029 to 2033.
HS2 faces further delays of up to four years and more cutbacks, meaning it may not be completed until 2045
The cost of the whole project has risen and risen over the years, up from £33billion in 2010 to at least £71billion now. In an interview with the BBC, Mr Thurston said HS2 was in discussion with suppliers and the Government on finding ways to minimise the soaring costs.
He said: ‘We’re looking at the timing of the project, the phasing of the project, we’re looking at where we can use our supply chain to secure a lot of those things that are costing us more through inflation.’
His comments come after rail minister Huw Merriman told MPs on Thursday that the Government was still fully behind the project.
He told the House of Commons: ‘We are absolutely committed to delivering HS2... But we have to look at cost pressures, it’s absolutely right that HS2 focuses on costs.’
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