Out of a global total of 28 floating production, storage and offloading (FPSO) vessels that are under construction, 22 are being built at shipyards in China, South Korea and Singapore that are heavily affected by COVID-19. If the epidemic escalates, the delays could increase to nine or even 12 months, especially taking into account the restricted time windows for heavy transport, installation and hook-up. The average development time for an FPSO is 36 months, meaning that companies could face a 30% delay.
Recently, under the traction of six tugs, the P71 FPSO (Floating production, storage and offloading units) hull built by CIMC Raffles for Petrobras left the deep-water wharf of Yantai base for the Brazilian sea area. The project is the first FPSO type delivered by CIMC raffles, marking a new breakthrough in the field of offshore oil and gas production equipment. In this session, CIMC will share how they have implemented innovative construction technologies to build FPSO faster to deliver projects on schedule
This focused 20-minute activity will allow you to connect with other FPSO professionals in a brief, personal and structured format. Use this opportunity to make new contacts, exchange business cards and plan further conversations throughout the next 2 days of the FPSO World Congress 2020
Oil companies and FPSO owners have implemented various cost-cutting measures during the past few years. Now that the market has recovered, how now can these FPSO players sustain these advantages to remain sustainable the market picks up? This session aims to explore and turn lessons from the past into new competitive advantage
In this session, Schneider Electric will take a look at the various usage of digital twins and digital FPSO designs in the industry and how to properly integrate thesesolutions to help optimise construction and operations of FPSOs
Last year, we looked at the contracting strategies, characteristics, key features of Mediterranean's 1st deep offshore gas focused FPSO The Energean project team emphasised on how the “Keep it simple” principals helped to enhance project cost and schedule. A lot of progress has taken place since then, hence this session will further elaborate on the key lessons learned, milestone and project progress up to date, as well as, strategies to ensure the project continues on time and on-budget.
Driving Industry and Stakeholders’ Profitability in a Recovering Market
This session aims to discuss the state of the FPSO nation and market trends in upcoming near future. As the FPSO market is set to grow from its current market value of just over $28 billion to $30 billion by 2025. Ongoing offshore exploration and production activities compelled by depletion of onshore oil & gas reserves are poised to transform market trends over 2019-2025. On top of that, at least 33 FPSOs are expected to be sanctioned from 2019 to 2021 due to the pick-up in oil and gas activities in the offshore sector.
All speakers and delegates are invited to join us for the annual FPSO World Congress Cocktail Reception. After a long day of industry dialogues, kick-back, relax and enjoy a beverage while you network with your peers in a relaxed and sociable environment