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Floating Production Systems

assessment of the outlook for FPSO vessels,
production semis, TLPs and spars

June 2003

 

Oil Processing Capacity on
Floating Production Systems
(millions of b/d)

 



Outline

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector 1

Recent Orders and Deliveries 1

What's Now Being Built 1

Trend in Order Backlog 2

Where Units are Being Built 2

Floaters Planned or Under Study 3


2. Details for Floaters in Operation, On Order or Planned 5

Floating Production Systems Now Operating or Available 5

Inventory of Floating Storage Systems 20

Production and Storage Systems Installed Since September 1996 21

Floaters Now on Order 24

Floating Production Projects Planned or Under Study 37

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage 45

Block 14 (Angola) 45

Block 17 (Angola) 45

Block 31 (Angola) 45

Block 32 (Angola) 46

Ukot/Usan (Nigeria) 46

Ras Tafelney/Rimella (Morocco) 46

Ibhubesi (South Africa) 46

Sunrise (Australia) 46

Jansz (Australia) 47

BC-50 (Brazil) 47

BS-500 (Brazil) 47

Sergipe (Brazil) 47

Jubarte/Cachalote (Brazil) 47

BS-400 (Brazil) 47

Hebron/Ben Nevis (Canada) 48

Peng Lai 2 (China) 48

Bonan (China) 48

Constitution (Gulf of Mexico) 48

Hawkes (Gulf of Mexico) 48

Hornet (Gulf of Mexico)49

Trident (Gulf of Mexico) 49

Great White (Gulf of Mexico)49

AC 690 (Gulf of Mexico) 50

AC 775/951 (Gulf of Mexico) 50

K2 (Gulf of Mexico) 50

Merganser (Gulf of Mexico) 50

Jubilee/Atlas (Gulf of Mexico) 51

Boa/Kneler (Norway) 51

Zafar (Azerbaijan) 51

Krishna-Godavari (India)51

Voi Trang (Vietnam) 51

 

2. Projects in the Final Design or Bidding Stage 52

Block 18 (Angola) 52

Block 15 (Angola) 52

Moho/Bilondo (Congo) 53

Baobab (Cote d'Ivoire) 53

Zafiro (Equatorial Guinea) 53

Block G (Equatorial Guinea) 53

Chinguetti (Mauritania) 53

Agbami (Nigeria) 53

Akpo (Nigeria) 54

OPL 98 (Nigeria) 54

Okwori (Nigeria) 54

Mutineer/Exeter (Australia) 55

Maari (New Zealand) 55

Marlim Sul, Marlim Leste and Roncador (Brazil) 55

Tahiti (Gulf of Mexico) 55

Corocoro (Venezuela) 55

Ranggas (Indonesia) 56

Kikeh (Malaysia) 56

 

3.  New Orders and Relocations 56

Kizomba B Wellhead (Angola) 56

Dalia FPSO vessel (Angola) 56

Enfield FPSO vessel (Australia) 57

Corocoro FSO vessel (Venezuela) 57

 

4. Systems Recently Completed 57

Zafiro FPSO vessel (Equatorial Guinea) 57

Sable FPSO vessel (South Africa) 58

Bijupira/Salema FPSO vessel (Brazil) 58

Na Kika production semi (Gulf of Mexico) 58

Matterhorn TLP (Gulf of Mexico) 58

Medusa production spar (Gulf of Mexico) 58

 

5. Existing Systems 58

EA FPSO vessel (Nigeria) 59

Isis FPSO vessel (Tunisia) 59

Glitne FPSO vessel (Norway) 59

 

 

III.     UNDERLYING MARKET DRIVERS

 

1.          While Near Term World Oil Demand Growth Slows, Long Term Demand Still Very Positive 61

2.          OPEC Continues to Produce Above Quota 63

3.          Oil and Gas Prices Have Remained Relatively Firm 64

4.          Offshore E&P Activity Accelerating 65

5.          So Why Has Floater Order Intake Declined Over The Past Several Months? 67

 

IV.    COMPANIES AND TECHNOLOGY

 

1.          14 FPSOs For Sale 69

2.          Recent MMS Sale Demonstrates Continued Interest in the Ultra-Deepwater Gulf of Mexico 72

3.          Modec, a Major Floating Systems Provider, to Raise 7.5 Billion Through an IPO 73

4.          Compact Gas-to-Liquid Plant to be Demonstrated 73

5.          CNG Transport Continues to Draw Industry Interest 73

List of Exhibits

1.          Deliveries and Orders Since the February Report1

2.         Current Orders for Production and Storage Systems    2

3.          Trend in Order Backlog for Floating Production Systems   2

4.          Number and Location of Facilities Fabricating Floater Hulls or Topsides 3

5.          Projects in the Planning, Bidding or Final Design Stage as of June 20034

6.          Overview of Floating Production Systems and Storage Vessels in Operation or Available as of June 2003   5

7.          Inventory of Floating Production Systems as of June 2003   6

8.          Inventory of Floating Storage Systems as of June 2003   20

9.          Floating Production and Storage Systems Installed Since September 1996   21

10.      Floating Production and Storage Systems on Order as of June 2003   24

11.      Overview of Who's Building What?   36

12.      Location and Water Depths of Floating Production Systems Planned or Under Study as of June 2003   37

13.      List of Floating Production Systems Being Bid, Designed, Planned or Studied as of June 2003   48

14.      Trend in Global Oil Demand   61

15.     World Energy Demand Mirrore Changes in World GDP62

16.     Trend in World Oil and Gas Consumption62

17.     OPEC Agreed Quotas vs. Production Over Past Several Months   63

18.     Actual and Futures Price of Crude   64

19.     Henry Hub Natural Gas Price and Nymex Futures 65

20.     Trend in Number of Active Rigs Operating Offshore the U.S. and Other Locations 66

21.     Trend in Orders for Floating Production Systems   67

22.     FPSO Vessels Currently or Potentially for Sale71

23.      New Leases in the Deepwater Gulf of Mexico Resulting from the March 2003 Sale   72

 

 

 

International Maritime Associates, Inc.
1250 24th Street N.W. Suite 350
Washington D.C. 20037 USA
Tel: 1-202-333-8501
Mobile: 1-202-415-8501
Fax: 1-202-318-8114
Email: imaassoc@msn.com
Website: www.imastudies.com