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Floating Production Systems

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


April 2000

 

116 Floating Production Systems and 60 Storage Vessels
are in Operation as of April 2000

 

 



April 2000 Report

Outline
I.    CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS     1

1.     Floating Productions Systems Now in Operation     3
2.     Systems Installed Since September 1996     14
3.     Floating Systems Now on Order     17
4.     Where Floaters are Currently Being Built or Converted     21
5.     Floating Productions Systems Planned or Being Studied     22


II.     UNDERLYING MARKET DRIVERS    31

1.     World Economy Expanding at a Robust Rate     31
2.     Demand for Oil Growing     31
3.     A Soft Landing Appears to have been Engineered     34
4.     Consolidation Paralysis     34
5.     Offshore E&D is Increasing     36
6.     More Incentives for Offshore E&D in the U.S.?     37
7.     New Floater Projects Accelerating     38

III.     RECENT DEVELOPMENTS     39

1.     Projects in the Planning, Design or Bidding Stage     39
Dalia (Angola)      39
Erha (Nigeria)      39
Benguela and Belize (Angola)      40
Bonga (Nigeria)      40
Agbami (Nigeria)      40
Ikija (Nigeria)      40
Kizomba (Angola)      41
Mer Profonde Nord (Congo)      41
Mer Profonde Sud (Congo)      41
NC-137 (Libya)      41
Rimella (Morocco)      41
Barracuda/Caratinga (Brazil)      42
Bijupira/Salema (Brazil)      42
Horn Mountain (Gulf of Mexico)      42
Matterhorn (Gulf of Mexico)      42
Na Kika (Gulf of Mexico)      43
Marco Polo (Gulf of Mexico)      43
White Rose (Canada)      43
Hebron (Canada)      44
Kristin (Norway)      44
Glitne (Norway)      44
Woolybutt (Australia)      44
Legendre (Australia)      45
Natuna (Indonesia)      45
West Seno (Indonesia)      45
PM-3 (Malaysia)      45
Belanak (Indonesia)      45
Ganal (Indonesia)      46
Leadon (North Sea)      46
Peng Lai (China)      46
CFD-2 and CFD-11 Bohai Bay (China)      47

2.     Floating Systems On Order     47
EA FPSO vessel (Nigeria)     47
Amenam/Kpono FSO vessel (Nigeria)      48
Ceiba FPSO vessel (Equatorial Guinea)      48
Espoir FPSO vessel (Ivory Coast)      48
Prince mini-TLP (Gulf of Mexico)      49
Boomvang and Nansen production spars (Gulf of Mexico)      49
Typhoon mini-TLP (Gulf of Mexico)      49
Bach Ho FSO vessel (Vietnam)      50
Cakerawala FSO vessel (Malaysia)     50
Wenchang FPSO vessel (China)      50
Bayu/Undan FSO vessel (Australia)     50
Navion MPS tanker (Speculative)      50
Bergesen FPSO vessel (Speculative)      51
Marlim Sul P40 production semi (Brazil)      51
Åsgard production semi and FSO vessel (North Sea)      51

3.     Systems Recently Installed     52
Espadarte FPSO vessel (Brazil)      52
Triton FPSO vessel (North Sea)      52
Carauna FSO vessel (Brazil)      52
Yetagun FSO vessel (Myanmar)      53
Camar FSO vessel (Indonesia)     53

4.     Existing Systems     53
Hutton TLP (U.K.)      53
Oribi production semisubmersible (South Africa)      54
Allegheny and Morpeth mini-TLPs (Gulf of Mexico)      54
Petrojarl I FPSO vessel (U.K.)     54
Banff FSO vessel (U.K.)      54
Curlew FPSO vessel (U.K.)      54
Norne FPSO vessel (North Sea)      55
Pierce FPSO vessel (U.K.)      55
Balder FPSO vessel (Norway)      55
Sakhalin FSO vessel (Russia)      55
Rang Dong FPSO vessel (Vietnam)      55
Dai Hung production semisubmersible (Vietnam)      56

IV.     TECHNOLOGY AND COMPANIES    57

1.     Rules Applicable to FPSOs in the Gulf of Mexico     57
2.     Compliant buoy     59
3.     Oil Box     59
4.     Subsea Processing     59
5.     Dry Completion Unit     60
6.     Fels Acquires Interest in IVI     60
7.     Statoil May Reduce Its Interest in Navion     60
8.     Petrobras Signs More Exploration Joint Ventures     61
9.     Spars International to Dissolve     61