GlobalData expects that South America will continue to drive to global floating production storage and offloading vessels (FPSOs) deployment from 2019 until 2025.
As outlined in GlobalData’s latest report Q4 2019 Global FPSO Industry Outlook – South America Spearheads Global FPSO Deployments, a total of 67 planned and announced FPSOs are expected to start operations during the outlook period.
South America leads globally with 27 planned and announced FPSOs, followed by Africa, Asia, and Europe. Among countries, Brazil continues to lead and is expected to deploy a total of 11 planned and 10 announced FPSOs by 2025. The crude oil production capacity of these upcoming FPSOs is expected to be 2.5 million barrels per day (mmbd) during the outlook period.
Oil and Gas Analyst at GlobalData, Adithya Rekha, detailed that in Brazil, FPSOs are being deployed to develop hydrocarbons in the Santos and Campos basins.
“The state-owned company, Petrobras, is primarily deploying these FPSOs,” Rekha said.
Angola is expected to deploy the second-highest number of FPSOs globally, with five planned by 2025. All the upcoming FPSOs in the country are announced projects.
Sonangol P&P and Cabinda Gulf Oil Company are leading in terms of number of deployments in the country with two FPSOs each, while BP Angola will operate the remaining FPSO.
Rekha said the UK and Nigeria jointly occupy the third position with the deployment of four FPSOs each by 2025.
“Both countries have one planned and three announced FPSOs, which are expected to be deployed during the outlook period.”