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5.4.3 The Vietnamese FPSO Market Forecast 2014-2024 Table 5.38, Figure 5.22 and Figure 5.23 show visiongain s ten-year forecast for the Vietnamese FPSO market. Table 5.38 Vietnamese FPSO Market Forecast, 2014-2024 ($m, AGR %, CAGR%, Cumulative) Figure 5.22 Vietnamese FPSO Market Forecast, 2014-2024 ($m, AGR%) 350 250 300 200 250 150 CAPEX ($m) 200 150 100 50 AGR (%) 100 0 50-50 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Year CAPEX ($m) AGR (%) -100 Page 142
P-63 (Papa Terra) BW Offshore Campos (Papa Terra field) Petrobras 1,200 2013 PEREGRINO Statoil Peregrino Statoil 100 2011 PIRANEMA SPIRIT (former Sevan Piranema) Teekay Petrojarl Piranema Petrobras 1,600 2007 POLVO BW Offshore Polvo HRT 100 2007 CIDADE DE ILHABELA (FPSO 4) SBM/QGOG Santos (Sapinhoá North) Petrobras 2,153 2014 OSX-3 OSX Campos (Tubarão Martelo) OSX 110 2013 Table 5.82 Existing Brazilian FPSOs (Building Company, Type, Production Capacity, Storage) Yard Location Vessel Type Production ( 000 bpd) Capacity ( 000 bbls) BRASIL C 90 1,700 BW CIDADE DE SAO VICENTE C 40 1,000 CAPIXABA C 100 2,038 CID. MANGARATIBA (MV24) COSCO / Keppel FELS Brazil (China / Brazil) C 150 1,600 CIDADE DE ANCHIETA (former Espadarte) C 100 1,900 CIDADE DE ANGRA dos REIS MV22 C 100 1,600 CIDADE DE ITAJAI Jurong (Singapore) C 80 650 CIDADE DE PARATY Keppel / BrasFELS (Singapore / Brazil) C 120 1,600 CIDADE DE SAO PAULO COSCO / BrasFELS (China / Brazil) C 120 1,600 DYNAMIC PRODUCER (PIPA-2) Sembawang (Singapore) C 30 300 ESPIRITO SANTO (BC- 10) C 100 2,000 FLUMINENSE FPSO Jurong (Singapore) C 70 1,300 FRADE Dubai Dry Docks (Dubai) C 100 1,500 MARLIM SUL C 100 2,026 OSX-1 Samsung (South Korea) N 40 950 P-31 Ishibras (Brazil) C 100 1,600 P-33 HHI (South Korea) C 50 700 P-34 Ishibras (Brazil) C 190 1,800 P-35 HHI (South Korea) C 100 650 P-37 Jurong (Singapore) C 150 1,000 Page 182
7. Expert Opinion 7.1 Sevan Marine AS Sevan Marine constructs, owns and operates floating offshore installations. It has been in the FPSO market since it was established in 2001, specialising in cylindrical hull designs. The Sevan 1000 FPSO concept was recently selected for Eni s Goliat project, which will be the first FPSO situated in the Norwegian Barents Sea. Fredrik Major has been CBDO of Sevan Marine since 2005. Visiongain spoke to Mr Major in September 2014 and would like to thank him for his invaluable insights into the FPSO market. 7.1.1 Sevan Marine s Unique Position in the FPSO Market Visiongain: Tell me a little bit about Sevan Marine s involvement in the FPSO business and the projects you are working on currently. Fredrik Major: Sevan is a different player in the FPSO business in the sense that we introduced cylindrical FPSOs. The rationale for that is our background with turret mooring systems. The basic idea around FPSOs is to have a unit that will relieve you from the requirement for that technology. This is leading to cost reductions, added flexibility and lower operations costs. Visiongain: What are the technical challenges associated with developing an FPSO for the Barents Sea? Does the cylindrical design of the Sevan 1000 FPSO help with this particularly harsh environment? Fredrik Major: It will do, due to its insensitivity to the direction of environmental forces. If wind is blowing from one direction, current is coming from another and waves from a third, our design means that we couldn t care less, while this is very complicated for a ship to handle. The other thing is that the Goliat unit is to be powered from shore to cut CO2 emission rates and protect the Barents Sea. This requires a transfer of 60MW from shore to the unit. There is currently not the technology to do that for a swivel system, so this would prevent using a traditional FPSO at the field. Visiongain: How much of Sevan Marine s work concerns FPSOs? Do you expect this to increase or decrease in the future? Fredrik Major: Sevan Marine started off with FPSOs, which was mainly related to the market situation in the early 2000s. Today, we supply cylindrical hull designs for FPSOs, deepwater drilling Page 191
8.1.1 Petróleo Brasileiro S.A. (Petrobras) Table 8.2 Petrobras Profile, 2012 (FPSO CAPEX, Global FPSO CAPEX Share, Total Revenue, HQ, Ticker, Website) Petróleo Brasileiro S.A. 2013 FPSO CAPEX $1,671m Global FPSO CAPEX Share 19.9% Total Company Revenue $141,460m Headquarters Rio de Janeiro, Brazil Ticker Website BM&F:PETR3, PETR4 NYSE:PBR, PBRA BMAD:XPBR, XPBRA BCBA:APBR www.petrobras.com Petróleo Brasileo, better known as Petrobras, is a semi-public Brazilian multinational energy company headquartered in Rio de Janeiro. While the company ceased to be Brazil s legal monopolist in the oil industry in 1997, it remains Brazil s most significant oil producer and the undisputed leader of E&P in the vast pre-salt reserves offshore the South American country. Petrobras covers all segments of the oil industry, from upstream to refining and downstream activities. Its 2013 output target was 2m bpd, but Rio de Janeiro is planning a steep increase in the next seven years to 2.5m bpd by 2016, 3m bpd by 2017 and 4m bpd by 2020. In order to meet this target, the company has committed $64bn for developing the Brazilian pre-salt discoveries, although it may miss the target in 2014. Nevertheless, the company s proven reserves, estimated at 16.0 billion bbls in 2013, could potentially rise to as much as 31.5 billion bbls by the end of the current decade. In order to achieve these ambitious targets, Petrobras has risen to become the largest buyer of FPSO vessels. At present the company owns 12 FPSO units; however, the construction of 12 additional fully owned vessels has already been tendered. This will make Petrobras proprietary fleet the largest in the world. In addition the Brazilian NOC has 16 more vessels in operation under leasing contracts or partnerships, a number that will almost double by 2020. These numbers make Petrobras the most important FPSO player worldwide. Page 195