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Floating Production Systems

assessment of the outlook for FPSOs,
Semis, TLPs, Spars, and FSOs


December 1999

 

The Number of Floating Production Systems
has Increased 78 Percent Since September 1996

 

 



December 1999 Report


Outline

 

I.      CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

1.     Floating Productions Systems Now in Operation     4
2.     Systems Installed Since September 1996     15
3.     Floating Systems Now on Order     18
4.     Where Floaters are Currently Being Built or Converted     21
5.     Floating Productions Systems Planned or Being Studied     22

II.     UNDERLYING MARKET DRIVERS

1.     World Oil Demand Continues to Grow     31
2.     The Oil Producers Continue to Adhere to Agreed Cutbacks in Production     33
3.     The Large Surplus of Crude Overhanging the Market is Being Absorbed     34
4.     Spot Oil Prices Have Risen to the Mid-$20s     35
5.     Energy Companies Plan to Boost Spending on E&D Next Year     37
6.     The Near Term Outlook is Favorable - But There Are Some Threats     38


III.     RECENT DEVELOPMENTS

1.     Projects in the Planning, Design or Bidding Stage     41
Orquidea, Cravo and Camelia (Angola)     41
Agbami (Nigeria)     42
Ceiba (Africa)     42
EA (Nigeria)     42
Crazy Horse (Gulf of Mexico)      43
Horn Mountain (Gulf of Mexico)      43
Nakika (Gulf of Mexico)     43
Typhoon (Gulf of Mexico)     43
BS 500 Santos Basin (Brazil)     44
Barracuda (Brazil)     44
Albacora Leste (Brazil)     44
Otter (North Sea)     45
White Rose (Canada)     45
Bayu/Undan (Australia)     45
Bozhong (China)     45
White Tiger (Vietnam)     45
Soroush, Nowruz (Iran)     46

2.     Floating Systems On Order     46
Espoir FPSO vessel (Ivory Coast)     46
Legendre North (Australia)     46
Qinhuangdao FPSO vessel (China)     47
Speculative FPSO vessel     47
Girassol FPSO vessel (Angola)     47
Hoover/Diana spar (Gulf of Mexico)     48
Sunday Silence Mini-TLP (Gulf of Mexico)     48
P-37 FPSO vessel (Brazil)     48
Åsgard B production semisubmersible (Norway)     48

3.     Systems Recently Installed     49
                    Kuito FPSO vessel (Angola)     49
Agbani FPF (Nigeria)     49
P-36 production semisubmersible (Brazil)     50
Balder FPSO vessel (Norway)     50
Jotun FPSO vessel (Norway)     50
Troll C production semisubmersible (Norway)     51
Laminaria FPSO vessel (Australia)     51
Buffalo FPSO vessel (Australia)     51

4.     Existing Systems     52
Buchan production semisubmersible (U.K.)     52
Banff FPSO vessel (U.K.)     52
Norne FPSO vessel (Norway)     52
Griffin FPSO vessel (Australia)     52
Lufeng FPSO vessel (China)     53
Pierce FPSO vessel (U.K.)     53
Kiabo FPSO vessel (Angola)     53
Sembilang FPSO vessel (Indonesia)     53
Glas Dowr FPSO vessel (U.K.)     54

IV.     TECHNOLOGY AND COMPANIES

1.     What Type of Floater Will Be Selected?     55
2.     Tension Leg Deck FPSO     56
3.     Sea Dock     56
4.     TLP Stepped Diameter Tethers     56
5.     Floating Methanol Plant     57
6.     Petrobras E&P Plans     58

 




International Maritime Associates, Inc.

Washington, DC  USA