Current Floating Production Storage Offloading (FPSO) concepts have recently evolved some exceptions. It has primarily focused on oil production. Earlier, associated gas utilization used to be the prime concerns for us but now this concept has developed some more changes.
FPSO installation is referred to be a floating facility that is equipped with advance hydrocarbon processing equipments. This technology is utilized in order to get rid of crude water and gas. The scientists have made some changes with FPSO. Now, it is designed to withstand the rough conditions of sea. It can be operated both on shallow to ultra-deep offshore wells.
According to a recent survey on the project, the method we are recently taking care is closely associated with gas disposal or you may say re-injection. The researchers have made some rough assumptions as well. According to their point of view, the future oil production projects will be emphasized upon the regulatory process. This may make some effect on legislation or tax regime as well. Few months ago when the survey took place on global FPSO market, it reported an expectation of CAGR of 11.2%. And by 2023, based on this projection USD may reach to 53.6 billion.
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