Top 7 Upcoming Fpso Projects In The World

By Author: sreeja
Total Articles: 2
Comment this article

The demand for Floating Production Storage and Offloading (FPSO) units is on the rise driven by more investments and increased production in the offshore oil and gas industry. Unlike traditional seabed pipelines, modern FPSOs offer a cost-effective solution with reduced maintenance costs over time, making them an increasingly attractive option for companies operating in this sector.

The steady growth of the crude oil and gas industry has been reflected in these upcoming FPSO projects around the world which are expected to start operations this year. The inclusion of projects from various regions from South America to Senegal, Norway, and the US demonstrates the global reach of FPSO technology.

Here is a quick glance at the upcoming top 7 FPSO projects in 2024 that shape the future of the offshore oil and gas industry.

Mero-3 FPSO
BM-C-33 FPSO
Liuhua 29–1 FPSO
4.

5.

6.

7.

To find out More about the Top 7 Upcoming FPSO Projects in the World Check out

Top 7 Upcoming Global FPSO Projects | Oil and Gas Industry
Explore the top 7 upcoming FPSO projects ...
... worldwide, from Brazil to Guyana. Discover innovations driving the future of…
www.blackridgeresearch.com

Each project mentioned in this article is based on its geographical diversity, innovation, technological advancements, and project size and production capacity. Projects like the high-capacity floating production storage in Brazil and the one FPSO unit operating in the challenging environment of the US Gulf of Mexico highlight the increasing scale and complexity.

Without further ado let’s start exploring each project in this list of the global top 7 upcoming FPSO projects.

Top 7 upcoming FPSO projects
1. Mero-3 FPSO (Brazil)
The Brazilian oil field, divided into four areas, namely Mero 1, Mero 2, Mero 3, and Mero 4 is being developed in four phases. Four FPSO units will produce and process oil from each area, each with a capacity of 180,000 barrels a day and 12 million cubic meters a day. The project will use Petrobras’ HISEP technology.

The Mero field which is located 180 km offshore Brazil Rio de Janeiro, is owned by the Libra consortium, led by Petrobras. The first oil was drilled in April 2022, marking the field’s commercial viability. Earlier in 2023 Sepetiba FPSO sailed to Mero Field offshore Brazil from BOMESC shipyard in China increasing the crude oil production.

The Mero-3 project, a third phase of the Mero development, is set to commence production in 2024 at the FPSO Marechal Duque de Caxias, located in the southern part of the Mero oil field. The development plan includes connecting 15 wells, including eight oil producers and seven water and gas injectors, using subsea infrastructure.

2.BM-C-33 FPSO (Brazil)
BM-C-33 is a gas and condensate field in Brazil’s Campos Basin, operated by Equinor with a 35% interest. The block was acquired in 2005 and is being developed in a phased manner. The final investment decision was made in May 2023, with production expected in 2028. The field is expected to generate around USD 9 bn in investment.

The BM-C-33 field will be developed by connecting production wells to a floating production, storage, and offloading unit (FPSO), with crude offloaded via shuttle tankers and transported to the international export market via ship-to-ship transfers.

The FPSO vessel, under construction by MODEC, is set to be 200 km off Rio de Janeiro’s coast. This FPSO project is built using MODEC’s new double hull design, capable of producing 220,000 barrels per day and 565 million standard cubic feet of associated gas daily.

3. Liuhua 29–1 FPSO (China)
The field is owned by Cenovus Energy and China National Offshore Oil Corporation. CNOOC Ltd. has started production from the Liuhua 29–1 gas field in the eastern South China Sea. A new subsea wellhead has been built, with seven development wells planned. The field will fully utilize existing facilities from Liuhua 34–2 and Liwan 3–1. CNOOC holds a 25% working interest in Liuhua 29–1.

The production capacity is 60,000 barrels per day where peak production was reached in 2023 for the conventional gas field Liuhua 29–1, which recovered 14.26% of its total recoverable reserves. According to economic projections, production will go on until the field reaches its economic limit in 2070.

FPSO as a Cost-Effective Solution for Offshore Operations
The procurement of FPSOs can be done through a new build, conversion of an existing vessel, or redeployment of an existing unit. Operators often rely on third-party contractors for these services. Contractor-owned FPSOs offer cost advantages over operator-owned FPSOs or fixed platforms, allowing economies of scale and optimizing fleet utilization.

Leasing allows operators to access and deploy FPSOs with minimal upfront capital investments. With increasing offshore activities, outsourcing FPSO-related activities to contractors allows operators to focus on areas where they can create the most value. The Contractor-owned FPSO is expected to dominate the market during the forecasted period.

Conclusion
With Ambitious advancements in technology and surging global energy demands, the FPSO market is experiencing significant growth, with a projected market value of $19 billion by 2029. This exploration of seven upcoming FPSO projects from diverse regions like Brazil, China, Norway, and the US showcases the remarkable advancements and expanding applications of this technology.

Notably, these projects highlight the increasing scale and complexity of FPSOs, with some designed for challenging environments and high production capacities. As the industry continues to evolve, these projects pave the way for a future where FPSOs play an even more prominent role in shaping the global oil and gas sector. Brazil and Guyana are expected to significantly influence the global FPSO market, with a surge in demand in recent years.