Douglas-Westwood: Industry to see increase in FPS deployment in 2014

Energy industry analyst Douglas-Westwood is forecasting that nearly $100 billion will be spent worldwide on floating production systems (FPS) between 2014-2018, according to a company market report. That would be an increase of 138% over the previous 5-year period.

The report says that long-term growth will be spurred by continued deepwater development, marginal fields, and fast-track, short-term deployments. The increase in deepwater deployments will account for $68 billion in value, or two thirds of the total spend over the next 5 years.

Floating production, storage, and offloading systems (FPSOs) will make up the largest segment of the market in units installed and capital expenditure. And Latin America will account for 29% of the 139 installations forecast by the report as well as 38% of the capex.

The FPS sector has seen a steady recovery since the downturn in 2008-09. However, there has been little growth in the annual value of installed units over the last 4 years. Douglas-Westwood sees 2014 as the first year of a significant increase in the value of units deployed.

Related Articles

EIA: Marcellus gas production continues to outpace takeaway capacity

04/25/2014 Rising production of natural gas in the Marcellus shale play in the Appalachian basin continues to outpace the growth in the region’s pipeline take...

Baker Hughes: US drilling rig count leaps to 1,861

04/25/2014 The US drilling rig count jumped 30 units to reach a total of 1,861 rigs working during the week ended Apr. 25, Baker Hughes Inc. reported. The US ...

Gazprom loads first oil shipment from Arctic’s Prirazlomnoye field

04/21/2014 JSC Gazprom Neft has loaded its first shipment of oil produced from Prirazlomnoye field, 60 km offshore in the Russian Arctic shelf. The field was ...

Oil and gas symbols

04/21/2014 Believed to be about 40,000 years old, the "Lion Man" from the Swabian Alps in Germany is widely accepted as the world's oldest known sta...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected