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Important Factors to Consider About the Next Generation FPSO
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.
Some essential findings on FPSO report:
- FPSO (floating production storage and offloading) market has showcased a wide market size and that is of 25.488 billion USD in the year of 2016.
- As surveyed, in 2016 FPSO has occupied the largest share. It is expected that with this figure, its dominance will continue during the forecast period. The new built FPSO has also left behind the CAPEX of converted FPSO.
- The contractors are currently ruling over the FPSO market on the basis of their ownership.
- Even in 2016, the small sized FPSO had occupied a major share of the market. Moreover, the large size FPSO is therefore expected to get the highest growth rate during the forecast period.
- FPSOs that are larger in size with high production as well as processing facility tend to cater charter rate. It is because these FPSOs have to face some cost-effective factors.
- The buyers are offered with flexible and better pricing products as well. FPSO with long-term usability may face deployment. Hence, they come in contact with the negotiation.
- If you go geographically, then you might know that South America is currently dominating the FPSO market. In 2016, 43 FPSO operating systems were introduced in Brazil as well.
- The count of FPSO has increased from 169 in 2016 to 178 in 2017. After 2018, it is expected that 12 FPSO will get delivered.
- Africa was the claimant of the second largest share of the FPSO market. Africa was the claimant of the second largest share of the FPSO market. A good number of systems are deployed in Africa due to the development of deep water oil and gas in this region.
- Nigeria is considered to be the leading country in Africa where FPSO deployment is performed.
The future of FPSO utilization:
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.