Global Market for Floating Production Systems to Reach $91 Billion; More Than $28 Billion in Global FLNG Liquefaction Spending
FARMINGTON, Conn., Nov. 13, 2012 /PRNewswire-iReach/ -- The challenge of how to access the substantial volumes of conventional offshore natural gas reserves is bringing new technology to the fore. Floating LNG is the current favored option for export from Israel's Tamar project and follows commitments by both Shell and Petronas to proceed with construction of FLNG vessels. According to forecasts from our premium market research partner Douglas-Westwood, over $28 billion (bn) will be spent on FLNG liquefaction over the 2013-2019 period.
Global Information Inc (GII) highlights three significant market research reports that examine the global markets for FLNG, floating production systems and subsea vessel operations.
The World FLNG Market Forecast 2013-2019
In recent years it has become clear that the vast resources of both conventional and unconventional natural gas reserves in place will see it dominate the energy mix over the next century as these reserves are exploited and brought into production. The drive to develop these reserves is coming from a substitution effect as a result of high oil prices and a move away from the use of both coal and nuclear energy. Although reserves in place are significant, estimated at 208 tcm by BPs annual statistical review, estimates of recoverable reserves are in flux and not properly understood. Huge finds announced in relatively unexplored areas like Mozambique and both conventional and unconventional resources have seen material revisions - up and down - in countries such as Poland, and even the United States (US).
Declining local production and seasonal demand will lead to a rise in import terminal Capex ($19.1bn) in some markets. Economic growth is driving electricity demand occurring in the developing world. Therefore, Asia will be a focus region for both liquefaction and regasification terminals between 2013 and 2019, accounting for 35% of the $47.4bn forecast for the global market for FLNG.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/dw221351-world-flng-market-forecast-2012-2018.html
The World Floating Production Market Forecast 2013-2017
Between 2013 and 2017, $91bn will be spent on the global market for floating production systems (FPS), representing a 100% increase over the preceding five-year period.
Floating Production is firmly established as a cost-effective method of developing oil and gas fields around the world. In water depths beyond 500m floating production systems become one of the few options open to operators, an increasingly important factor as production moves into deeper waters. DW forecast that 63% of global FPS market spend will be in deep waters.
Latin America accounts for 29% of the forecast installations and 37% of the projected Capex. Most installations to date have been in Petrobras-operated fields off Brazil and this is likely to continue, albeit substantial delays are expected for Petrobras offshore E&P investment. Asia is the next most important region in numerical terms (24), but Africa is so in terms of forecast Capex ($18.2bn).
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/dw217636-world-floating-production-market-forecast-2012.html
World Subsea Vessel Operations Market Forecast 2012-2016
Between 2012 and 2016, approximately $77 billion will be spent on the global market for subsea vessel operations. This represents an increase of 63% over the previous five-year period. Subsea vessel demand is expected to total 326,500 days - a 33% increase - and annual expenditure nearly double, from $11.3bn in 2012 to $20.3bn by 2016.
Between 2006 and 2012, 169 vessels entered the market, increasing capacity by 60% to 446 vessels operated by 83 contractors - a highly fragmented and competitive supply chain. Saturation of the market is now evident for some vessel categories, but high demand continues for others.
DW suggest that even more market opportunities for subsea vessels lie beyond the timeframe of their report, including the major pre-salt developments offshore Brazil and potentially West Africa, the prospects in the eastern Mediterranean and for the commercially brave the ultimate subsea challenge - the Arctic.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/dw208640-world-subsea-vessel-operations-market-2011-2015.html
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