IMA has just completed an in-depth analysis of the floating production market. Highlighted below are some key findings of the study.

Underlying market fundamentals are very strong – With world oil demand growing around 1% annually, meeting demand in 2035 will require gross capacity additions of 47mb/d crude supply – more than half the current global oil output level. These capacity additions will require new sources of crude oil, with deepwater fields high among the expected new sources. ExxonMobil recently projected the “biggest gains will come from global deepwater production, which more than doubles through 2040.” According to ExxonMobil, by 2025 deepwater production will supply 10% of global liquids fuels supply.

Inventory of production floaters now at 257 units – This figure is 30% greater than five years ago, 90% higher than ten years back. FPSOs comprise 62% of the existing systems. The balance is comprised of production semis, tension leg platforms, production spars, production barges and floating regasification/storage units. Of the total production floater inventory, 7 units (all FPSOs) are off field and available for reuse – resulting in an overall utilization rate of 97.3%. Another 100 floating storage/offloading units (without production capability) are in service.

Tags: IMA