The Floating Production Systems Market Report To 2016 provides comprehensive analysis of the historical and forecast trends on a region by region and country by country basis of floating production sector of the offshore oil and gas industry. Floating production forecasts are provided by region and by floating platform facility type (FPSO - Floating Production Storage Offloading Facility, Semi-Submersible, Buoy-Shaped, TLP (Tension Leg Platform) and Spar). The new Floating Production Systems Market Report provides a detailed examination of the key infrastructural and technological challenges facing the floating production market today. The floating production sector is one of the most capital intensive areas of the offshore oil and gas market, the wide ranging implications of oil price fluctuations on floating platform developments are also considered. The sixth annual edition of the Floating Production Market Report is essential reading for those involved in the future of the floating production sector.
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Driven by the movement into deeper and more remote waters, the previous two decades have witnessed a steady rise in the use of FPS across the globe. As a relatively capital intensive option for development, the FPS market has also been on the front line of affected market sectors in times of oil price decline and global recession. However, with rising global energy demands and the growing ambitions of emerging countries of production, in particular West Africa and Latin America, the future market for floating production platforms once again looks robust.
As production from mature, established basins continues to diminish, and with increasing technological advances allowing for explorations into deeper, environmentally challenging and high pressure basins, operators are now able to explore and test for hydrocarbons which, a decade ago, would have been unfeasible. Since the millennium, the trend for floating platform installations beyond water depths of 500 metres and greater has been primarily driven by Latin America, a region which since 2000, has consistently held a 35% market share of capital expenditure and is expected to maintain this throughout the forecast period.
Going forwards, the ultra-deepwater market, where water depths are of 1,500 metres and above, is expected to dominate FPS demand, with installations over these depths holding a 31% share of floating platform Capex over the 2012-2016 timeframe. This compares to 22% over the historical 2007-2011 period. Of these ultra-deepwater developments, Latin America continues to hold the dominant share at 58% of Capex spend, with key FPS projects including Lula and Sapinhoa within blocks BM-S-11 and BM-S-9. However, as a result of major growth from previously more marginal areas of floating production development, in particular Australasia, the proportion of total global capital expenditure across all water depths attributable to Latin American developments is expected to decrease from 30% across the historical period to 27% going forwards to 2016. Indeed, during the forecast period, the Australasian region is expected to witness its market share of Capex increase by 10% over the prior period, 2007-2011; the largest regional increase across the globe. This is largely as a result of key installations offshore North West Australia, including: the Inpex Ichthys project, with an expected installation date of 2016, the Hess operated Equus Project where expenditure is expected to commence during the forthcoming five year period, and Shell's monumental Prelude FLNG vessel.
Whilst the future of the floating platform market once again looks strong, significant challenges remain. Although deepwater and environmentally challenging environments are calling for ever-more advanced technologies, with FPS demand predominately driven by countries in Latin America and West Africa, where significant local content requirements exist, construction companies are being increasingly challenged to create employment opportunities for the local workforce. Indeed, over the short-to-medium term this may affect the capital cost and timescales for floating platform developments.
Despite these factors, the floating platform market remains one of the strongest offshore sectors going forwards to the end of the decade. With an increasing amount of FPS investment being made in regions away from the traditional areas of Latin America and West Africa, the next five years look set to witness an interesting change in dynamic within this core sector.
Purchasers of the Global Perspectives Floating Production Systems Market Report To 2015 receive 12 months access to a database of floating production platform facilities which are being planned or considered for installation in the current year and four years forward, worldwide. Floating Production Systems Online (Essentials) is continually updated. The following types of facility are included:
For each project the following information is provided:
The Floating Production Systems Online (Essentials) access can be upgraded to Floating Production Systems Online (Professional) or Floating Production Systems Online (Professional Plus) or to include other data sets from the Infield Offshore Energy Database, including: shallow and deepwater fields, fixed platforms, subsea completions, pipelines, control lines, offshore loading, supply chain contracts, vessels, drilling rigs and onshore terminals or LNG and GTL plants and facilities.
Floating Production Systems Online (Professional) identifies both floating production systems and floating storage offloading facilities that are currently operational or being planned or considered for installation from the current year onwards.
Floating Production Systems Online (Professional Plus) includes the same information as the Professional edition but also includes details of the offshore loading systems, including:
Details about each system include:
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