Offshore Oil and Gas Developments in Asia-Pacific - Burgeoning Energy Demand Drives Exploration and Production Activities
- Published: February 2012
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The NEW World Floating Production Market Report forecasts that between 2014 and 2018 $99 billion (bn) will be spent on floating production systems (FPS) – an increase of 138% over the preceding five-year period. The long-term growth in the sector is underpinned by the continued exploitation of deep waters, marginal fields and fast-track/short term deployments. Deepwater FPS deployments are expected to total $68bn in value and account for over two-thirds of the total spend.
FPSOs form the largest segment of the market (80%) both in terms of units installed and forecast capital expenditure (Capex) over the 2014-2018 period. Latin America accounts for 29% of the 139 installations forecast and 38% of the projected Capex.
The FPS sector recovery following the 2008/2009 downturn continues steadily. A total of 54 units were ordered in 2011-2013 compared to 23 units ordered during 2008-2009. There has been little growth in the annual value of installed units over the last four years; however, 2014 is expected to show a significant increase in the value of units deployed.
The industry is, however, still coming to terms with a number of demand-side and supply-side issues. The failure of Brazilian operator OGX in 2013 and the slow-down in overall upstream expenditure in 2014 will impact the market in the near-term. Likewise the industry's record in terms of project execution has been poor, with most projects delivered late and significantly over-budget. Some industry players are now suggesting a new approach is required.
Now in its 12th edition, this highly regarded and established report has been tracking and analysing the industry for over a decade. The market analysis, commentary and understanding are strengthened by extensive insight gained from strategy and consultancy work undertaken for major companies throughout the industry.
- Capex – from 2009 to 2018, segmented by components including hull, topside modules and mooring systems.
- FPS type – FPSOs, FPSSs, TLPs and Spars.
- Regional analysis – Africa, Asia, Australasia, Latin America, Middle East, North America and Western Europe.
- Operator analysis – Capex for the leading FPS operators historic, forecast and by region.
- Deepwater – by FPS type and region.
- Order year analysis – Capex by order year.
- The FPS Supply Chain – detailed analysis of the FPS supply chain, outlining the EPC firms, shipyards, lease contractors, topside fabricators and their respective capabilities.
- Leasing & Financing – the issues and future outlook for financing of the sector; analysis of major leasing contractors, their assets, profitability (EBIT margins) and a review of prospective vessel redeployments.
- List of prospective FPS units – includes information on all identified prospects coming onstream from 2014 to 2018 by operator, field, water depth, type, status, country and prospective year.
Why purchase the Floating Production Market Forecast?
- Unique and proprietary data – updated year-round from published sources and insight gained from industry consultation.
- Methodology – analysis is based on DW's in-house Oil & Gas database which details around 700 FPS projects. The data feeds into the market model to generate forecasts of floating production systems in each region of the world. Expenditure is allocated both to year of order and year of installation.
- Market forecasts – comprehensive examination, analysis and 10-year coverage of floating production capital expenditure.
- Concise report layout – consistent with DW's commitment to delivering value for our clients, all our market forecasts have a concise layout consisting of industry background and supporting materials condensed to enable quick review with ‘speed-read' summaries of key points throughout.
- An essential report – for financial institutions, equipment manufacturers, offshore engineering, construction, operations & maintenance companies and contractors, oil & gas companies, lease contractors, shipbuilders and agencies & government departments wanting to make more informed investment decisions. SHOW LESS READ MORE >
1 Summary and Conclusions
2 Macro Economic Overview
- Global Energy Demand Drivers: Population & GDP Growth
- A Changing Energy Mix
- Oil Supply & Demand
- Oil Majors - End of Business as Usual?
- The Move to Offshore Oil & Gas
- The Move to Deepwater
- Oil & Gas Challenges
- Brazilian Activity
3 FPS Types and Applications
- Offshore Production Platforms
- The FPS Lifecycle
- FPS Concept Selection
- Floating Production, Storage and Offloading Vessels (FPSOs)
- Types of FPSO
- Floating Production Semi-Submersibles (FPSS)
- Types of FPSS
- Types of Spars
- Tension Leg Platforms (TLPs)
- Types of TLP
- Types of Floating Production Systems - Summary
- FPS Applications
4 Leasing and Financing
- FPS Leasing
- Major Leasing Contractors
- Redeployments of Leased Units
- EBIT Margin
5 The FPS Supply Chain
- The FPS Supply Chain
- Contractor Overview
- FPS Shipyards & Construction Facilities
- Local Content - FPS Construction
6 FPS Components
- Mooring Systems
- Riser Systems
7 Transportation, Installation & Commissioning .
- Transportation, Installation & Commissioning
- Spar Installation
8 FPS Fleet
- The FPS Fleet
- Fleet Analysis: Operator & Water Depth Distributions
9 Market Forecast
- Market Forecast
- Delays to Sanctioning & Commissioning
- The Global FPS Market by Region
- The Global FPS Market by Vessel Type
- FPSO Component Capex
- FPSS Component Capex
- Spar Component Capex
- TLP Component Capex
- Latin America
- Middle East
- North America
- Western Europe
- Operator Analysis
- The Deepwater FPS Market
- Floating Production Prospects
- Data and Text Conventions
Figure 1: Global FPS Capex by Region 2009-2018
Figure 2: Global Population Growth & Energy Demand 1965-2012
Figure 3: Historic Primary Energy Demand by Region
Figure 4: The Changing Energy Mix
Figure 5: Oil Price & Demand
Figure 6: World Liquids Production Growth, 2005-2013
Figure 7: Oil Discoveries & Production
Figure 8: Control of Oil Reserves
Figure 9: Global Oil Supply - Onshore/Offshore 1965-2020
Figure 10: Subsea Completed Wells by Water Depth
Figure 11: Oil & Gas Production v E&P Spend
Figure 12: Oil & Gas Worker Ages
Figure 13: Brazillian Offshore Basins
Figure 14: Track Record of Project Installation (Excluding Extended Well Tests)
Figure 15: The FPS Lifecycle
Figure 16: Completion Strategy and FPS Concept Selection
Figure 17: Typical Layout of an FPSO
Figure 19: Typical Layout of an FPSS (Deep Draft)
Figure 18: Typical Pontoon Arrangements
Figure 20: Typical Layout of a Spar (Truss)
Figure 21: Typical Layout of a TLP (Dry-tree)
Figure 22: Typical Lending Cycles in the Offshore Sector
Figure 23: Major Leasing Contractors (January 2014)
Figure 24: Leased Units on Contract by Region (January 2014)
Figure 25: Major Leasing Contractors' Redeployment Candidates
Figure 26: EBIT Margins for Top 5 Leasing Contractors
Figure 27: The FPS Supply Chain
Figure 28: Major Shipbuilding Countries 2009-2013
Figure 29: Typical Layout of Topside Modules
Figure 30: Spar Installation
Figure 31: Global FPS Fleet
Figure 32: Operator Distribution of FPS Fleet
Figure 33: Water Depth Distribution of FPS Fleet by Region
Figure 34: Global FPS Installation Capex by Region 2009-2018
Figure 35: Global FPS Installation Capex by Vessel Type 2009-2018
Figure 36: FPSO Capex by Region 2009-2018
Figure 37: FPSO Capex by Component Type 2009-2018
Figure 38: FPSS Capex by Region 2009-2018
Figure 39: FPSS Capex by Component Type 2009-2018
Figure 40: Spar Capex by Region 2009-2018
Figure 41: Spar Capex by Component Type 2009-2018
Figure 42: TLP Capex by Region 2009-2018
Figure 43: TLP Capex by Component Type 2009-2018
Figure 44: FPS Capex - Africa 2009-2018
Figure 45: FPS Capex - Asia 2009-2018
Figure 46: FPS Capex - Australasia 2009-2018
Figure 47: FPS Capex - Latin America 2009-2018
Figure 48: FPS Capex - Middle East 2009-2018
Figure 49: FPS Capex - North America 2009-2018
Figure 50: FPS Capex - Western Europe 2009-2018
Figure 51: Leading FPS Operators Capex 2009-2018
Figure 52: Leading FPS Operators 2014-2018 by Region
Figure 53: Deepwater FPS Capex by Vessel Type 2009-2018
Figure 54: Deepwater FPS Capex by Region 2009-2018
Table 1: Majors' Oil Production
Table 2: Major Leasing Contractors & Their Units
Table 3: FPS Competitive Landscape
Table 4: Typical Mooring System Designs by FPS Type
Table 5: Delays to Sanctioning and Construction for Units Installed 2010-2012
Table 6: : Global FPS Capex by Region 2013-2018
Table 7: Global FPS Installations by Region 2013-2018
Table 8: Global FPS Capex by Vessel Type 2013-2018
Table 9: Global FPS Installations by Vessel Type 2013-2018
Table 10: FPSO Capex by Region 2013-2018
Table 11: FPSO Installations by Region 2013-2018
Table 12: FPSO Capex by Component Type 2013-2018
Table 13: FPSS Capex by Region 2013-2018
Table 14: FPSS Installations by Region 2013-2018
Table 15: FPSS Capex by Component Type 2013-2018
Table 16: Spar Capex by Region 2013-2018
Table 17: Spar Installations by Region 2013-2018
Table 18: Spar Capex by Component Type 2013-2018
Table 19: TLP Capex by Region 2013-2018
Table 20: TLP Installations by Region 2013-2018
Table 21: TLP Capex by Component Type 2013-2018
Table 22: FPS Capex - Africa 2013-2018
Table 23: FPS Installations - Africa 2013-2018
Table 24: FPS Capex - Asia 2013-2018
Table 25: FPS Installations - Asia 2013-2018
Table 26: FPS Capex - Australasia 2013-2018
Table 27: FPS Installations - Australasia 2013-2018
Table 28: FPS Capex - Latin America 2013-2018
Table 29: FPS Installations - Latin America 2013-2018
Table 30: FPS Capex - Middle East 2013-2018
Table 31: FPS Installations - Middle East 2013-2018
Table 32: FPS Capex - North America 2013-2018
Table 33: FPS Installations - North America 2013-2018
Table 34: FPS Capex - Western Europe 2013-2018
Table 35: FPS Installations - Western Europe 2013-2018
Table 36: Leading FPS Operators 2013-2018
Table 37: Deepwater FPS Capex by Vessel Type 2013-2018
Table 38: Deepwater FPS Capex by Region 2013-2018
Table 39: Floating Production Prospects 2014-2018