Apr 6, 2011

120 to 175 floating production systems forecast over the next five years


The number of floating production systems in service continues to grow, as a report of the International Maritime Associates (IMA), a company to provide strategic planning support to clients in the offshore oil and gas, maritime and technology sectors, states.
There are now more than double the number of units ten years ago - 250 units now vs. 120 units in 2001. Order backlog, which now stands at 47 units, will increase the inventory by another 20 percent over the next several years.  

In a new in-depth analysis of the floating production sector, IMA identifies 194 projects in the planning stage that are likely to require a floating production system for development. Fifty-five of these projects are at the bidding/final design stage, with equipment orders likely over the next 12 to 18 months. Another 139 projects are in the planning/study stage, with orders likely in the 2013 to 2019 timeframe.

IMA expects orders for production floaters to average 24 to 35 units annually over the next five years. Around 80 percent of the units will be FPSOs.  

As for the long term outlook IMA sees no indication of future slowdown in this sector. Deepwater fields are among the major sources of hydrocarbons yet to be found or developed. While no one knows the full extent of deepwater potential, the magnitude is undoubtedly huge. In Brazil alone, deepwater pre-salt resources are estimated at 70 billion barrels of oil equivalent, a figure that is likely to grow as more finds are confirmed. Some estimates see deepwater resources offshore Brazil, West Africa, elsewhere providing almost 14 million barrels of oil equivalent per day by 2030 - more than double the current contribution to global supply.

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