Australia leads FPSO deployments in Oceania by 2025, says GlobalData

Source: press release, 28 January 2019

Global planned and announced FPSO additions by regions, 2019-2025 (source: GlobalData, Oil and Gas Intelligence Center)
Global planned and announced FPSO additions by regions, 2019-2025 (source: GlobalData, Oil and Gas Intelligence Center)

Australia will account for all floating production, storage and offloading vessels (FPSOs) planned for deployment in Oceania during 2019-2025, according to GlobalData, a leading data and analytics company.

The company’s report: “Q1 2019 Global FPSO Industry Outlook – Australia Leads FPSO Deployments in Asia-Pacific” reveals that, globally, 67 planned and announced FPSOs are expected to start operations between 2019 and 2025. Of these, 26 are planned and 41 are announced.

In Oceania, all the five upcoming FPSOs – Barossa, Browse 1, Browse 2, Buffalo (Re-Development), and Crux– are announced FPSOs. Woodside Browse Ltd. leads among operators with two upcoming FPSOs, which are expected to commence operations during the outlook period. The rest of the operators – Shell Development (Australia) Pty Ltd, Carnarvon Petroleum Ltd and ConocoPhillips – will operate one FPSO each during the period.

Among the regions globally, South America continues to lead with 30 planned and announced FPSO additions by 2025. In South America, Brazil tops with 23 planned and announced FPSOs, followed by the Falkland Islands and Guyana with four and three FPSOs, respectively. Of the total 23 FPSOs in Brazil, 14 are planned and nine are announced.

Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments, “Brazil is deploying FPSOs to develop subsalt hydrocarbon reserves in the Campos and Santos basins. In Australia, FPSOs are primarily being deployed to develop conventional natural gas fields.”

GlobalData identifies Africa as the second highest region with 14 upcoming FPSO additions by 2025. Angola and Nigeria are the key countries in the region with five and four upcoming FPSO additions, respectively, during the period 2019-2025. Senegal, Ghana, South Africa, Tunisia and Mauritania follow with one upcoming FPSO each.

Europe is the third highest among the regions in terms of planned and announced FPSO additions. The region has a total of six upcoming FPSOs during the outlook period. Of these, two are planned and four are announced FPSOs, respectively. Norway and the UK are the key countries within the region with three upcoming FPSOs each, which are expected to commence operations by 2025.

North America, Asia and the Middle East are the other key regions with planned and announced FPSO additions. North America will have five upcoming FPSOs, Asia will have four planned and announced FPSOs, and the Middle East will have one upcoming FPSO, during the outlook period.

Tejomoortula concludes, “Mexico leads North America with proposed deployment of three FPSOs, while India leads Asia with two FPSOs. In the Middle East, Israel is the only country with a planned FPSO, Karish, which is expected to commence operations in 2021.”