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Exponential Rise in Oil and Gas Exploration Projects to Benefit FPSO Industry

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Published on : May 24, 2017

Albany, New York, May 24, 2017: The market research report provides an comprehensive overview of the aspects that are governing the variations taking place in the global market and also assesses them meticulously The impact of some liberal and reverting elements has also been taken into deliberation with equivalent consequence in the intelligence report. It also provides data on the publicity and marketing shares, strategies, and merchandises of the elite companies.

A floating production, storage, and offloading (FPSO) facility denotes to a vessel that is being employed broadly by various offshore oil and gas industries. These type of vessels are employed for the production and processing of hydrocarbons and are further used for storage of oil. The employment of FPSO vessel also aids in the shipping of oil through pipeline, thus helping in saving time along with resources of gas and oil companies. Thus, the global FPSO market is likely to witness a significant growth in the near future. 

A substantial rise in the probe activities of oil and gas worldwide is one of the main causes behind the expected exponential growth of the global FPSO market over the forecast period. The growing focus of major players of research activities for the development of new products and this is thus expected to generate rewarding growth prospects in the near future. Likewise, the growing number of exploration sites pertaining to oil and gas for catering to the growing demand for energy resources from consumers is anticipated to considerably benefit the global FPSO market over the forecast period. 

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An FPSO is capable of carrying out all sorts of activities pertaining to production, storage, and offloading. It is a voluminous vessel which is similar to a ship and finds significant use in hauling out raw hydrocarbons from the bed of the sea. Coupled with processing amenities delivered onboard, a FPSO can transport gas and oil to respective onshore locations employing shuttle tanker. The global FPSO market is expected to exhibit exponential growth over the coming years owing to growing number of countries manufacturing their personal FPSOs and rising sales achieved by companies. 

Around 54 FPSOs are likely to start their operations across the globe in the coming four years. South America is expected to retain its leading position in the global market with a planned installation of approximately 23 FPSOs closely trailed by Africa and Europe in the exact order. In terms of country, Brazil is expected to lead, trailed by the U.K. and Angola. The key players operating in the market are Cobalt International Energy Inc., Royal Dutch Shell Plc., and Petrleo Brasileiro S.A., among others.

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