Remote Brazilian Oil & Gas Reserves to be Reined in through Floating Production Methods, According to GlobalData
02 Jul 2012 • by Natalie Aster
Hard-to-reach oil fields in Brazil will be conquered through the use of Floating Production Storage and Offloading (FPSO), according to a new report by business intelligence company GlobalData.
The new report “Floating Production Storage and Offloading (FPSO) Industry - Global Market Analysis, Competitive Landscape and Planned Projects to 2015” by GlobalData found that initiatives by oil and gas companies to develop and produce oil and gas from hard-to-reach offshore hubs has catalysed the growth of the FPSO industry, which can offer safe and economical production from a range of fossil fuel fields.
FPSOs provide ease of operations and mobility in shallow, deep and ultra-deep waters. Adverse weather conditions such as hurricanes and storms damage infrastructure at oil and gas fields, and fixed platforms are severely affected as these cannot be moved and are susceptible to extensive damage.
In contrast, disconnectable turret-buoy mooring systems allow FPSOsto move locations to escape destructive weather conditions, which enables oil and gas companies to avoid monetary losses.
FPSOs can be conveniently and economically utilized to produce both in deepwater fields and areas with relatively low reserves. Once production from a well is depleted, the FPSO can be moved to a different location, saving on set-up time and cost as compared to the installation of a fixed platform. Production using FPSOs is therefore a more economical alternative to production through fixed offshore infrastructure.
At the end of 2011, there were 139 active FPSOs across the globe in 26 countries for offshore production, with Brazil, Angola and Nigeria as the three largest aggregaters of FPSO-based crude oil and natural gas production capacity worldwide, collectively contributing around 50% of the total global amount.
Brazil currently has the largest FPSO-based crude oil and natural gas production capacity, with huge offshore reserves and pre-salt discoveries that have provided a major boost to the FPSO industry.
Brazilian national oil company Petroleo Brasileiro S.A. is benefiting from the move to offshore, accounting for about 13.5% of the total production capacity of FPSOs globally. Currently, Petroleo Brasileiro S.A. has 12 active FPSOs, all of which are located on its home turf.
The company plans to add another 12 FPSOs by 2015, leading Brazil to boast the highest planned production capacity expansion of any country in the world. By 2014, Petroleo Brasileiro S.A.’s FPSO-based production capacity is expected to increase by 495.61 million barrels of oil equivalent (MMboe) of fossil fuels to reach a capacity of 1,635.14 MMbbl of crude oil and 1,231.35 billion cubic feet (bcf) of natural gas.
Floating Production Storage and Offloading (FPSO) Industry - Global Market Analysis, Competitive Landscape and Planned Projects to 2015
Published: May, 2012
Price: US$ 3.395,00
This report provides an in-depth analysis of the global FPSO industry to 2015, detailing all the major countries, major companies and FPSOs in the various regions of the world. The report also provides key trends and challenges in the global FPSO market and plans for FPSO deployments in different countries globally. It also details the competitive landscape globally, and details the operations of the major FPSO companies.
The report is built using data and information sourced from primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
More information can be found in the report “Floating Production Storage and Offloading (FPSO) Industry - Global Market Analysis, Competitive Landscape and Planned Projects to 2015” by GlobalData.
To order the report or ask for sample pages contact [email protected]