April 2020 Monthly Floating Production Systems Report
The coronavirus crisis and oil glut continue to upend the offshore oil and gas sector. Global lockdowns have caused unprecedented declines in economic activity over the past month. In parallel, Saudi Arabia’s decision to flood the oil market to force a collective supply cut agreement has created a huge oil glut. The combination has been devastating to the oil and gas sector. Oil prices have collapsed, investment in major upstream projects has largely come to a standstill and many companies in the oil and gas sector are looking at the financial abyss. We expect this combination of events to significantly slow the start of new floater projects through 2020 and into 2021. All is discussed in the April WER report. Also in the data section of the report are details for 212 floater projects in the planning stage, 45 production or storage floaters now on order, 304 floating production units currently in service and 40 production floaters available for redeployment contracts. Charts in the report update the location where floating production and storage systems are being planned, operating and under construction. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 26 April.