Floating Production Storage and Offloading (FPSO) Vessel to make oil and gas exploration and production handier and more effective

FPSO vessel can be defined as a single platform for the production and storage of oil in offshores. The rise in oil prices is driving companies that are operating in the exploration and production of oil to invest more in the FPSO. FPSO is suitable for operation in far deeper sites in comparison to the fixed platform that is already in operation for a long period of time. FPSO installations mainly include similar equipment as of traditional fixed platform however, in the form of a floating installation that can be relocated to a difficult and unreachable location. FPSO can be used for all the three productions that are oil, LPG, and LNG. The first FPSO to be used in oil production was built in 1977, LPG FPSO in 2005 and LNG FPSO in 2007. The demand for LPG and LNG FPSO as a fossil fuel alternative is increasing more than ever. There are three main types of FPSO used commercially including Spread Mooring FPSO, Single Point Mooring (SPM) Systems FPSO and Dynamic Positioning (DP) FPSO system in which DP FPSO system is the most accurate for station keeping, however, the most expensive for the operation.

Browse the full report on Floating Production Storage and Offloading (FPSO) Vessel Market Size, Share, Trends, Growth, Industry Analysis Report by Type (Converted, New build, and Redeployed), by Application (Shallow Water, Deep Water, and Ultra-deep Water) and Forecast, 2019–2025 at https://www.omrglobal.com/industry-reports/fpso-vessel-market/

Despite all the economic uncertainties, the current FPSO vessel market is quite promising and the growth of FPSO continues and will demonstrate an extensive amount of growth in the oil and gas offshore in the near future. Demand for FPSO vessel mostly comes from Brazil, Asia, and West Africa out of which Brazil dominates the market of FPSO vessel and the reason behind this includes the presence of over 16 billion barrels of pre-salted oil reserves in the Atlantic Ocean near Brazil and lenient government policies with reduced fine and taxes. Key market players of FPSO include Shell (made the first FPSO vessel in 1977), Petronas, Chevron, ExxonMobil, Petrobras, Bumi Armada Berhad, SBM Offshore, BW Offshore, MODEC, Bluewater Energy Services B.V., Aker Solutions ASA, Yinson Holdings Berhad, and Teekay Corp.

Current Market Trends Covered in the market report:

• The discovery of new oil fields such as Libra which is situated around 110 miles off the coast of Rio de Janiero that has the capacity of 12-billion-barrel oil
• Karish FPSO will be the first FPSO to operate in the Eastern Mediterranean country Israel for the gas production.
• Offshore of Mauritania and Senegal in West Africa has a project named Tortue that will utilise an ultra-deep-water subsystem and mid-water FPSO vessel to optimise processing and heavier hydrocarbon removal.

The Report Floating Production Storage and Offloading (FPSO) Vessel Market Segmentation

By Type

• Converted
• New build
• Redeployed

By Application

• Shallow Water
• Deep Water
• Ultra-Deep Water

By Region

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America