London, United Kingdom (PressExposure) March 08, 2011 -- More than half of the oil and gas discoveries during 2000-2010 were offshore. Most oil and gas companies are exploring deepwater and ultra-deepwater frontiers for new oil and gas discoveries. The main driving forces behind this trend are lack of new, large onshore discoveries and restricted access to new business opportunities in major oil and gas producing countries globally. In 2010, offshore discoveries contributed 42.4% to the total number of discoveries. The number of offshore discoveries has been increasing over the years. In 2004 the number of discoveries made was 103, which increased to 164 in 2009, an increase of 59.2%.
FPSO vessels can be easily moored in shallow, deep and ultra-deep waters. They can operate in calm waters or can be designed to withstand harsh natural conditions in the sea. An FPSO can be easily disconnected in case of imminent danger due to storms or iceberg threats, and sailed to safe locations. FPSOs are convenient and economical for producing deepwater and/or stranded fields, fields with relatively low reserves. Once production from a well is over, the FPSO can be moved to a different location. The set up time and cost of an FPSO is less than a fixed platform.
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Brazil has the second highest proven reserves of oil and gas in South and Central America. Most of Brazil's reserves are located in offshore areas. Currently, Brazil produces 1151.89 MMbbl of crude oil annually through FPSOs, which is the highest globally. By 2013, Brazil's state-controlled company, Petroleo Brasileiro S.A., is expected to add four more FPSOs in the Campos basin. This would increase Brazil's production capacity to 1.35 Bbbl (billion barrels) annually of crude oil and 994.16 bcf annually of natural gas.
The financial crisis of 2008 was followed by a global economic downturn, credit crunch, and reduction in cross-border lending, trade finance, remittances, and foreign direct investment, which adversely affected businesses around the world. This also led to a reduction in investment in the energy sector due to a fall in demand for energy all over the world. FPSO projects are long-term projects, whereas in the short term the prices of oil and gas do not look very promising. Moreover, the financial crisis has led to tightening of rules and lending structures. This has led to an investment crunch for the FPSO market following 2008
GlobalData's new report, "Floating Production Storage and Offloading (FPSO) - Global Market Analysis, Capacity Forecast and Competitive Landscape to 2014", provides an in-depth analysis of the global FPSO industry to 2014. The report details all major countries, major companies and FPSOs in the various regions. The report also provides key trends and challenges in the global FPSO market and plans for FPSO deployments in different countries globally. It also details the competitive landscape globally, and details the operations of the major FPSO companies.
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