New Oil & Gas Offshore Development to be Driven by FPSOs

NEW DELHI--August 15, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--As the demand for new energy sources increases globally, a significant amount of new offshore oil & gas processing infrastructure, such as floating production storage and offloading (FPSO), is being developed. Industrial Info is tracking 300 FPSO projects worldwide, worth US$110 billion.

Industrial Info is tracking 170 FPSOs globally that are already operational, while a further 78 grassroot FPSOs are in the pipeline. A majority of the new development is being driven by expansions of operational facilities and grassroot facilities in South America (mainly Brazil) and Africa, together accounting for approximately 79% (US$87 billion) of the total spending.