June 2019 Monthly Floating Production Systems Report
Oil prices have been volatile over the past month. Brent dropped 17% between mid-May and mid-June due to demand growth fears and growing crude inventory. But several tanker attacks and a drone downing near the Strait of Hormuz caused a rebound and Brent was back to the mid $60s as of 21 June. Meanwhile, the production floater market has been active. Petrobras issued letters of intent to lease two FPSOs – ending an eighteen month hiatus in Petrobras FPSO orders. SBM received an LOI for the Mero #2 FPSO, Modec got an LOI for the Buzios #5 FPSO. On a smaller scale, Hindustan Oil Exploration contracted with Expro and Zentech to convert a jackup into a MOPU for use offshore India. All is discussed in our June WER floating production report. Also in the data section of the report are details for 224 floater projects in the planning stage, 50 production or storage floaters now on order, 301 floating production units currently in service and 30 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 23 June.