March 2022 Monthly Floating Production Systems Report

March 24, 2022

Oil prices have soared into the $100s as the Russian invasion of Ukraine drives fear of major disruption in global oil supply. Natural gas prices have also risen as fears of interrupted gas supply in Europe grow. The situation is very fluid. But it’s clear that all oil and gas supply/demand outlook projections are out of date. It’s also clear that efforts to find new sources of oil and gas will accelerate and upstream operators will be pressed to increase capital spending on E&P. Deepwater activity has continued to rebound and contracts for at least 30 production floaters are in the near-term investment queue. This queue will likely grow as global reaction to the Russian invasion adds pressure to accelerate oil and gas project starts. Meanwhile, SBM looks ready to order a new Fast4Ward FPSO hull, the German government has decided an FSRU LNG terminal is needed as a gas supply option, two FLNG projects have moved into the near-term queue in West Africa and BP/ENI have combined forces in Angola offshore E&P. All is discussed in WER's March floater report. Also in the data section of the report are details for 200 floater projects in the planning stage, 59 production or storage floaters now on order, 305 floating production units currently in service and 28 production floaters available for redeployment contracts. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 23 March.

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