Amid stabilising oil prices and a projected global growth of US$30 billion by 2025, Europe’s FPSO market is grappling with changing standards and sustainability issues.

At the same time, an ageing workforce, manpower shortages and rising costs continue to pose significant challenges for Europe’s FPSO industry. While overall market sentiment remains positive — with eight projects to be developed over the next decade — oil and gas professionals have to continue considering ways to move the industry forward to ensure long-term success.

This includes strengthening public-private partnerships, improving sustainability efforts, incorporating digitisation and automation, and exploring creative financing models to keep FPSO projects afloat in the North Sea.

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The topic of life extension of FPSO projects has gotten an increasing amount of attention over the last five years, especially since the 2014 downturn saw oil and gas firms focusing more intensely on cost-saving and long-term solutions.

Aside from minimising expenditure, FPSO life extension also shines the spotlight on issues of safety and integrity in the sector. To mitigate these issues, operators have turned to integrity assessment analysis to better prepare for the future.

In this report, we hear from Oil & Gas Authority UK’s Nils Cohrs, who discusses what companies should look out for when considering life extension, and how it can benefit operators.

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Among the numerous changes Europe's FPSO market has had to consider or make in order to ensure long-term success, low-manned — and often, autonomous — FPSOs have been a hot topic. But what are the pros and cons of such projects and how conducive is the current climate for their deployment? Click to find out.

Between 2020 and 2027, at least nine FPSO projects are set to develop or relocate in Europe, where shorter project lifespans and smaller fields translate to lower breakeven prices (approximately US$35/bbl) secure profitable projects for oil companies. Now that oil prices are stabilising at about US$60/bbl, this bodes well for the future of the FPSO market in the region.

Since 2018, three projects have been awarded in Norway and the UK: last year, Fluor secured the contract for a new-build FPSO for Shell’s Penguins project, while Teekay Offshore won a redeployment order for the Petrojarl Varg FPSO for Alpha Petroleum’s Cheviot project (both in the UK).

The key challenge in 2022 for many FPSO operators will centre around maintenance and cost reduction strategies. Issues relating to reliability and management of key production assets in addition to Health, Safety, Security and Environment (HSSE)are just some of the things that must be dealt with while ensuring cost concerns are adequately addressed.

To gain insights on the matter, we spoke to three experts whose experience in FPSO operational strategies have been instrumental in them successfully navigating the current unpredictable landscape.

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Together with leading energy research and business intelligence company Rystad Energy, the 2022 FPSO EMEA Market Insights & Opportunities Industry Report details the impact on EMEA's FPSO projects due to global events.

Grab your copy of the report to see:

• The forecast global energy spending due to the impact of the European Union's efforts to become less dependent on external supplies
• Energy Security strategies used by European countries as they rapidly advance into the low-carbon and renewables sector
• Factors driving the record-high number of FPSO Awards over the next few years that could potentially lead to supply constraints
• FPSO projects updates including current projects under Petronas, MISC, Yinson, and Ping Petroleum
• Key opportunities present in the EMEA market for contractors, operators, and solution providers looking to penetrate the market

These are exclusive insights researched and produced by Rystad Energy and are a most-download report for all Oil & Gas professionals.

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