July 2021 Monthly Floating Production Systems Report
The oil and gas sector continues to rebound from the great downturn, though regional surges of Covid have been spooking the market, causing crude prices to be a bit volatile over the past two weeks. But the near-term outlook remains very positive. Crude inventory has continued to fall as oil demand rebounds and OPEC+ oil producers restrain supply. Deepwater drilling has continued to strengthen. Major industry suppliers are reporting improved results and providing bullish guidance for projected financial results. The number of near-term production floater contracts likely in 2021/22 has grown as improving conditions motivate field operators to accelerate timing of planned project FIDs. Meanwhile, Petrobras has tendered for an FPSO to use in Sergipe-Alagoas Basin, Chevron made the final investment decision on its Jansz-Lo compression project and Golar’s FLNG operating off Cameroon received production expansion approval. All is discussed in the July WER report. Also in the data section of the report are details for 207 floater projects in the planning stage, 48 production or storage floaters now on order, 307 floating production units currently in service and 44 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 July.