March 2023 Monthly Floating Production Systems Report
Oil prices have fallen into the upper $70s as traders take account of the risks to oil demand should recent banking turmoil become a wider financial contagion, slowing global economic growth. Meanwhile, several large oil companies have been rethinking their announced plans to reduce presence in fossil fuel production over the coming decades. Energy security needs, profit potential and pressure from major investors to maximize financial results are refocusing management strategy on development of new oil and gas resources. The queue of near-term floating production projects continues to be very strong. Around 40 floater projects are lined up for an investment decision within the next 18 months. But order backlog has been growing and ability of the supply chain to absorb future orders will continue to meter the pace of production floater awards. All is described in WER's March floater report. Also in the data section of the report are details for 205 floater projects in the planning stage, 74 production or storage floaters now on order, 310 floating production units currently in service and 21 production floaters available for redeploy contracts. Accompanying excel spreadsheets provide the report data in sortable format. Information is current as of 30 March.