The floating production storage and offloading market is projected to grow from an estimated USD 19.5 billion in 2019 to USD 26.0 billion by 2024, recording a CAGR of 5.9% during the forecast period. The growth of this market is driven by the increasing focus on offshore exploration and production and the rising deep-water and ultra-deepwater oil & gas production.
The floating production storage and offloading market is dominated by a few major players that have an extensive regional presence. The leading players in the floating production storage and offloading market are Bumi Armada (Malaysia), Shell (Netherlands), BP (UK), ExxonMobil (US), and Petrobras (Brazil).
The major strategies adopted by the players include contracts & agreements and mergers & acquisitions. Contracts & agreements were the most commonly adopted strategy from January 2016 to August 2019.
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Bumi Armada (Malaysia) is one of the leading service providers of offshore energy and facilities. The company operates through two business segments, namely, floating production & operations and offshore marine services. It offers floating production storage and offloading (FPSO) under its floating, production & operations business segment. In May 2019, the company through its joint venture company Shapoorji Pallonji Bumi Armada Godavari, won a contract from Oil and Natural Gas Corporation for the west coast of Kakinada. Under this contract, Bumi Armada would supply and operate for nine years floating, production, storage, and offloading vessel. In addition, in August 2018, Bumi Armada continued its operations of floating, production, storage, and offloading vessel Armada TGT 1. The company uses innovative technologies such as high-pressure swivels, topsides, turrets, and marine solutions for designing FPSO. This strategy helped in generating revenues for the company in floating, production, storage, and offloading business.
Shell (Netherlands) is an oil and gas giant that has expertise in exploration, production, development, refining, and marketing. The company operates through three business segments, namely, integrated gas, upstream, and downstream. The company offers FPSO under the upstream business segment. In January 2018, the company executed a contract for penguins’ oil and gas field in the UK, North Sea. Under this contract, Shell operated the FPSO vessel. Sevan Marine provided the technical support during the designing phase, while Fluor provided the EPC services for FPSO. The company’s future strategy is to focus on increasing the share of low carbon energy products and also to reduce its carbon footprint. As the installation of energy-efficient equipment’s in FPSO vessels is expensive, it will ultimately impact the market for FPSO. The company aims to widen its growth prospects in the market by increasing the proportion of biofuels, natural gas, and hydrogen in its product mix.
Floating Production Storage and Offloading Market by Type (New-Build & Converted), Hull Type (Single & Double), Propulsion (Self-propelled & Towed), Usage (Shallow water, Deepwater & Ultra-Deepwater), and Region - Global Forecast to 2024
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