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GLOBAL OFFSHORE MARKET FORECAST

The ? oating productionThe ? oating productionThe ? oating production outlook for 2015 outlook for 2015 outlook for 2015

In? eld Systems’ Catarina Podevyn provides analysis on ? oating production projects around the globe and the impact they will have on individual regions this year.

he ? oating platform sector has undergone steady growth over the last ? ve years. However, while a number of key

T projects are anticipated to generate substantial Capex demand over 2015, with low oil prices and uncertainty across some regions, In? eld Systems remains cautious regarding the progress of some of the more capital intensive deepwater devel- opments over the forthcoming year. In? eld Systems’ Floating

Production Systems Market Report provides detailed analysis of this important sector over the period 2009-2018.

Offshore Latin America, Brazil accounts 90%

Latin America – of regional demand; while the region as a whole is anticipated to drive global ? oating production system (FPS) demand with

Shell ? oats the hull of the FLNG vessel into place in Prelude a 35% market share during 2015. In? eld Systems forecasts respectively. Indeed, In? eld Systems expects

Geoje, South Korea in November 2013. Teams shifted over

Latin America’s leading share to decrease to 25% decrease over the French IOC to increase its dominant share 100,000t of steel during the operation. Photo from Shell.

the period, with a low of 25% in 2018. This is the result of a of regional ? oating platform Capex demand number of capital intensive developments seeing completion FPS Capex demand during 2015, with a total of six develop- from 47% over 2014 to 53% over 2015.

during 2014, including Sapinhoa North and Iracema Sul. ments anticipated to require investment during the year.

Europe –

During 2015, In? eld Systems expects capital expenditure Once again FLNG FPSO projects are expected to comprise a Europe is expected to account for to be predominantly directed towards FPSO developments substantial share of demand, with the Shell operated Prelude 9% of global FPS Capex demand during 2015, offshore Brazil, which are likely to comprise 84% of regional FLNG forecast to require the highest Capex during the year. with Norway likely to account for a 68% demand during the year. Key projects attracting investment Inpex’s Ichthys semisubmersible development, anticipated to be regional market share. Statoil’s Aasta Hansteen during the year offshore Brazil include: Buzios, Lula Central installed during the course of 2016, is expected to be the second Spar is anticipated to drive investment and Lula West. In? eld Systems also expects expenditure on the most capital intensive development taking place in the region demand during the year, with a 47% share

Ayatsil-Tekel FPSO to take place offshore Mexico. Over the during 2015, after Prelude, at a water depth of 230m, the devel- of regional FPS spend. In? eld Systems also longer term, with the Mexican energy reforms ? nally coming to opment also includes an FPSO installation and is expected to forecasts Capex demand on a further 16 fruition, the prospectivity of Mexico’s deepwater ? elds is also bring a total of 8.4 MTPA of gas to the market. In? eld Systems projects across the region including seven FPSO developments; expected to increase. 2015 is also likely to see continued invest- also expects possible Capex spend to take place on the Cash/ the highest Capex demand of which is expected to relate to ment on Colombia’s FLNG project, Caribbean FLNG, developed Maple FLNG FPSO and the Brecknock FLNG FPSO during 2015 the BP Glen Lyon Quad 204 FPSO and the Enquest-operated by Exmar and the new Cartagena FSRU. Kraken and Eni’s Goliat Sevan 1000 FPSO, the latter of which is

Africa –

Angola is expected to continue to lead FPS anticipated to see completion during the year.

Australasia – Asia is forecast to hold the second largest share development throughout 2015, with a 43% share of regional

North America – (18%) of global FPS expenditure during 2015. This is expected to

Capex demand. Key projects expected to demand signi? cant North America is forecast to contribute a be largely driven by FLNG developments, with projects including expenditure during the year include the Kaombo North FPSO 5% share of global ? oating platform Capex during 2015. Semi- the Petronas PFLNG 1 and PFLNG 2 FPSO facilities and the Abadi and the Cameia FPSO, which are operated by Total and Cobalt, submersible projects are anticipated to require the highest

FLNG FPSO all anticipated to require substantial investment respectively. However, with the recent drop in oil prices, demand. However, with the decrease in oil price, capital during the year. Indeed, across the region In? eld Systems expects deepwater developments such as these are now coming under intensive projects, such as the Buckskin/Moccasin semi-

FLNG projects to comprise 31% of total 2015 FPS expenditure. review, with Maersk rethinking its stake in Chissonga in submersible development, operated by Chevron, are likely

Driven by its capital intensive FLNG projects, Malaysia is expected particular. Elsewhere within the region, In? eld Systems also to see delays. In? eld Systems also expects substantial FPSO

Stones to drive expenditure with a 37% share of regional FPS demand, expects signi? cant expenditure to take place on the Total- investment on developments including Shell’s FPSO in followed by Indonesia with a 31% share during the year.

operated Egina FPSO and the Moho Nord tension leg wellhead Walker Ridge and the Kitimat FLNG offshore British Colombia.

Australasia is expected to contribute a 13% share of global platform projects, offshore Nigeria and Congo (Brazzaville), However, once again the project faces challenges; although

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