October 2021 Monthly Floating Production Systems Report
Crude prices have climbed to the mid-$80s on rebounding oil demand growth and the OPEC+ production curtailment agreement. But many of the larger upstream producers are still holding back on upstream investment, setting the scene for an oil supply shortfall and higher crude prices over the near future. Meanwhile, 30 production floater contracts are now queued up for award over the next 18 months, assuming no major market disruption occurs and the supply chain can absorb the orders within this time frame. It’s increasingly obvious that the principal constraint on near term production floater orders is not market demand – it’s the ability of the supply chain to take on the work without costs and delays exploding. All is discussed in the October WER report. Also in the data section of the report are details for 208 floater projects in the planning stage, 49 production or storage floaters now on order, 308 floating production units currently in service and 45 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 27 October.