Floating Production Storage and Offloading Market Size | Report, 2024
(Floating Production Storage & Offloading) FPSO Market size was valued at over 15 billion in 2015. Increasing exploration and production activity of oil and gas well mainly in offshore field is anticipated to drive the floating production storage and offloading Market.
FPSO market includes ship shape production floating vessels used in remote area or deeper water location and is equipped with the processing equipment, storage offloading facility and living quarters. Processing equipment used for separation and treatment of gas, crude oil, and water during the operation. Storage facility in FPSO is used for storing processed oil whereas offloading is used for transferring crude oil to tankers for shipping to refinery and living quarter includes personnel quarter, control room, dining and lounge.
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Treated gas can be used either on board for power generation or export through pipeline to shore or it is re-injected back into subsea reservoir or can be flared. Crude oil is transported to cargo tank and water produced during processing of extraction of crude oil is discharged within environmental limit. It consists of turret mooring system which is integrated into the hull while type of turret used is determined according to the environment.
It is an effective solution for small oil field which can be depleted in few years and once a well gets depleted FPSO is shifted to new location. It is used to eradicate the need of laying long distance pipeline. Its advantage is easy to remove and reuse, ability to operate without the need for a specific export infrastructure, can be used in any water depth, can often be leased instead of bought, hence making very small fields economic, abandonment cost is less than for fixed platform, early production and reduced upfront investment. As on 2015, the globally 100 FSO (floating storage and offloading) and 160 FPSO are in operation. With no crude oil or gas processing facility, it is known as floating storage and offloading (FSO). Use of subsea trees and lack of drilling capability are some of the highlighted drawbacks
Increasing exploration and production activities of oil and gas well in offshore field across the globe, increasing demand of energy, increasing investment in offshore oil and gas project, marginal-field development and early production system will boost the demand of floating production storage and offloading facility during the forecast period. Low crude oil price, technical challenges, cost overrun and financing investment are expected to be the restraint for (floating production storage and offloading) FPSO market growth. Increasing exploration and production activities of well in offshore field would act as an opportunity. Floating production storage and offloading market has been segmented into by water depth, by type and region. By water depth, the global FPSO market size can be segmented into shallow water, deepwater and ultra deepwater. By type includes converted, redeployed and new build.