Global Floating Production Storage and Offloading (FPSO) Market 2015-2019

News provided by

May 29, 2015, 09:56 ET

DUBLIN, May 28, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/6w846m/global_floating) has announced the addition of the "Global Floating Production Storage and Offloading (FPSO) Market 2015-2019" report to their offering.

Global Floating Production Storage and Offloading Market to Grow at a CAGR of 12.9% Over the Period 2014-2019

Advances in technology improves oil recovery techniques. These advances include unlocking the potential of processing oil and gas in harsh temperatures and pressures through the use of FPS and methods to separate oil at the production facility instead of separating it at the hub. Advanced FPSOs can also mitigate harsh environment conditions because they use turret mooring with self-adjusting stiffness systems, which makes mooring in shallow water easier. Also, in adverse weather conditions, the turret of an FPSO can sink beneath the waves and can be reconnected later. In addition, market vendors are increasing their investment in R&D, which is expected to reduce the time and risks associated with production processes. The overall volume of production will increase, whereas the costs and risks will decline significantly because of rapid advances in technology.

According to the report, in recent years, maturing onshore oil reserves have triggered a shift from onshore to offshore reserves such as deepwater and ultra-deepwater reserves to increase oil and gas production. Currently, subsea production activities are growing because of depleting oil reserves worldwide. Production levels of oil and gas worldwide will likely rise significantly on the back of a sharper focus on oil recovery in offshore reserves. This will not only help to improve the current supply-demand imbalance prevailing in the market, but also stabilize volatile oil prices.

The increased deployment of FPSO is having an adverse impact on the environment in terms of increased hydrocarbon emissions resulting from production operations, light and noise pollution, emissions from flare stacks and fuel combustion, routine discharges into the marine environment, and waste disposal.

Key Topics Covered