A floating production, storage, and offloading (FPSO) is a floating vessel used in the offshore oil & gas industry to produce, process, and store hydrocarbons. An FPSO vessel is designed to accept hydrocarbons produced onboard or from adjacent platforms or subsea templates, process them, and store the oil until it can be offloaded onto a tanker or, less frequently, delivered by pipeline. FPSOs are preferred in offshore frontier regions as they are simple to deploy and do not require local pipeline infrastructure to export oil. An FPSO can be a modified oil tanker or a vessel designed specifically for oil and gas exploration and production purposes. Floating storage and offloading (FSO) vessel is solely used to store oil without refining it.
Petrobras, CNOOC Limited, Total Energies SA, Exxon Mobil, and Equinor ASA – Prominent Market Participants in FPSO Market
The global FPSO market is segmented into five major regions— North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2020, South America led the global FPSO market share, followed by the Middle East & Africa, and Asia Pacific. The presence of developed countries such as the US and Canada and the high focus on oil manufacturers are two major factors driving the FPSO market in North America. Moreover, as the demand for energy generated in North America continues to grow, exploration and production are expected to move further toward harsh environments. In particular, the recent discovery of some new extraction techniques has opened multiple oil & gas shale regions in extremely remote areas, eventually driving the FPSO market in this region. Asia Pacific comprises India, China, Japan, Australia, and the Rest of Asia Pacific. In Asia Pacific, the demand for natural gas has increased due to the increased use of gas in various industries. This has eventually fueled the FPSO demand in the region for the extraction of oil & gas from offshore and onshore sites. In addition, new oil frontiers are being discovered in deeper and farther-reaching oceans in new areas such as the Philippines and Myanmar to meet the rising oil demand, which is driving the need for FPSO systems in the region. All these factors are driving the FPSO market in Asia Pacific.
Petrobras, CNOOC Limited, Total Energies SA, Exxon Mobil, and Equinor ASA are some of the key market players operating in the global FPSO market. The listing of key players is derived by considering multiple factors such as overall revenue, current FPSO product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the FPSO ecosystems which were studies analyzed during the course of this market research study, such as MODEC, Inc., Bumi Armada Berhad, SBM Offshore, BW Offshore, and Shell plc. Most of the market initiatives were observed in North America, South America, APAC and Europe region, which has a high potential for market-related products, solutions, and services. A Few of the important market initiatives from the industry are mentioned below:
| Year | Development | Region |
| 2022 | Petrobras signed the contracts with the companies Yinson Bergenia Production B.V. and Yinson Bergenia Serviços de Operação LTDA, both from Yinson Production PTE Ltd. Group, for the chartering and provision of services of the Maria Quitéria FPSO for the Parque das Baleias Integrated Project, to be installed in the Jubarte Field, located in the north of Campos Basin. | South America |
| 2020 | Total Energies and its co-ventures have been successful in winning the Production Sharing Contracts (PSC) of the Atapu and Sépia pre-salt oil fields offered by Brazil’s National Agency for Petroleum, Natural Gas and Biofuels (ANP) in the Transfer of Rights (ToR) Surplus Bidding Round. | Europe |
