SELBYVILLE, Del., Feb. 4, 2019 /PRNewswire/ -- The newly built FPSO market size is set to witness robust growth owing to growing interest of investors toward production from deep and ultra-deep-water oil reserves. Optimal design, lower operating cost and flexibility for field life extension coupled with advanced safety features are the primary features that will boost the product deployment. Moreover, advancements in offshore technologies, including separable turret, cylindrical hull designs and double hull design will keep the business attractive to O&G companies. However, much higher capex compared to converted vessels and longer project schedules may impede the deployment of these units.
Worldwide FPSO Market is projected to surpass USD 30 Billion by 2025, as reported in the latest study by Global Market Insights, Inc. Global market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves. Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative. Furthermore, advancement in subsea technologies along with growing focus toward fast-track floating solutions will continue to stimulate the industry growth.
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Progressive trends toward discovery and exploitation of smaller reserves present at remote offshore locations in conjunction with the capability of FPSOs to operate without support of a fixed structure will strengthen the market growth.
The converted FPSO market recorded annual deployment of 7 units in 2018. High potential to refurbish & redeploy numerous obsolete single-hulled vessels will create a lucrative market for these units. Furthermore, key industry players, driven by international maritime legislation are invariably seeking redeployment opportunity for such depreciating assets to FPSO vessels. Short development schedule along with relatively lower capital investment associated with the converted units is another major factor encouraging their deployment across the industry.
Browse key industry insights spread across 205 pages with 328 market data tables & 32 figures & charts from the report. "FPSO Market Size By Product (Converted, New Built), By Water Depth (Shallow, Deep, Ultra-Deep), Industry Analysis Report, Regional Outlook (U.S. GOM, UK, Norway, Indonesia, Malaysia, India, China, Australia, Vietnam, Nigeria, Angola, Ghana, Brazil, Guyana), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019-2025" in detail along with the table of contents:
Growing inclination toward development of ultra-deep oil fields and advancing drilling and seismic technologies coupled with widespread proven reserves in deeper basins will stimulate the ultra-deep FPSO market growth. According to the U.S. Energy Information Administration, oil produced in Brazil from ultra-deep water has increased from 1.3 million bpd to 2.2 million bpd between 2005 and 2015.
Latin America market capex, in 2018 was over USD 18 billion. Favorable government initiatives and strong stance of state-owned enterprises along with discovery of vast reserves of pre-salt oil will continue to encourage the business growth in coming years. As per Petrobras, Campos and Santos basins, situated offshore Brazil has an estimated pre-salt oil reserve of 16 billion barrels. Moreover, Brazil's new local content regulation implying simpler and lower requirements with minimized fines for E&P contracts will accelerate the vessel deployment across the country.
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