December 2018 Monthly Floating Production Systems Report
Oil prices continued to descend over the past month as a result of inventory build and demand growth concerns. Brent dropped to the low $50s, WTI to the low $40s. Reversal of the price decline seems a ways off as it will take time for the OPEC+ production cut deal to impact inventory. A lot of oil is in transit. Q1 2019 will likely be a nerve racking time for the oil sector. Meanwhile BP has proceeded with a major LNG project in West Africa. The initial phase entails construction of both an FLNG and FPSO – with additional FLNG orders in subsequent phases. All is discussed in our December report – along with a summary of the FPSO projects now in the planning queue and our assessment of where each stands in the development stage. In the data section are details for 215 floater projects in the planning stage, 44 production or storage floaters now on order, 304 floating production units currently in service and 31 production floaters available for redeployment contracts. Charts in the report update the location where floating production and storage systems are being planned, operating, being built and to be installed. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 26 December .