New Survey from the Oil and Gas Sector Indicates That Brazil Will Be the Major Driver of the FPSO Market by 2022

Written by Valdemar Medeiros

Published on 04/07/2021 at 10:36

FPSO Mero 2 – créditos: SBM offshore

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Brazil Will Receive 10 FPSOs Next Year and According to the Oil and Gas Sector Survey, the Country Will Be One of the Main Players in the Market

According to a survey by the oil and gas sector, Brazil will be a major driver in the FPSO market by the end of 2021 and also in 2022. The survey states that six of the 14 FPSOs expected to be contracted worldwide during this period will be aimed at the Brazilian coast. In the second half of this year, the oil and gas market intends to order about four FPSOs, two of which will be for Brazilian basins.

Rystad Energy Points Out Brazil as a Main Player in the Oil and Gas Market

The survey on Brazil’s performance in this market was conducted by energy research company Rystad Energy. If all the contracts slated in the survey for 2021 are confirmed, the FPSO market will close the year with 10 orders, which is more than triple that of 2020.

According to Rystad, the data indicate a rapid return to contracting activity for the vessels, despite the pandemic of the new coronavirus. According to Aleksander Erstad, the energy services research analyst at Rystad Energy, “it’s not as if oil and gas contractors have been out of the market; currently, there are about 20 FPSOs under construction, some expected to operate this year, but after the decline in 2020, expected and recent premiums are doubling the flow, ensuring that manufacturers will have work in the coming years.”

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Whale Park and Mero 4 Will Be the First Awarded

According to the oil and gas sector survey, the two that are forecast for 2021 will be divided between Mero 4, where the only bidder was SBM Offshore, and Whale Park, which received proposals only from Yinson.

The energy research company also emphasizes that the FPSO supply chain is almost at full capacity, with several suppliers unable to handle new projects. The other 10 projects to be announced next year will equate to the demand of 2021.

The majority of FPSO contracts will come from Latin America, with four units coming to Brazil and one to Guyana. The United Kingdom and Angola will also share four vessels and Australia will receive one more vessel.

New Survey from the Oil and Gas Sector Indicates That Brazil Will Be the Major Driver of the FPSO Market by 2022

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