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Floating Production Systems
April 2002 Report

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector         1

Production Capacity Now in the Water      1

Recent Orders and Deliveries      2

What’s Now Being Built      2

Where Units are Being Built      3

Floaters in the Planning Pipeline      4


2. Details for Floaters in Operation, On Order or Planned        6

Floating Production Systems Now Operating or Available      6

Inventory of Floating Storage Systems      20

Production and Storage Systems Installed Over the Past 5½ Years     21

Details for Floaters Now on Order      24

List of Floating Production Projects Planned or Under Study      35

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       45

Block G (Equatorial Guinea)      45

Baobab (Cote d’Ivoire)      45

Angola ultra-deepwater      46

Kudu (Namibia)      46

Nnwa (Nigeria)      46

BS-3 (Brazil)      46

BS-4 (Brazil)      47

BC-60 (Brazil)     47

Guarajuba (Brazil)      47

Frade (Brazil)      47

Deltana (Venezuela)      48

Skarv (Norway)      48

Volve (Norway)      48

Ormen Lange (Norway)      48

Marjun (U.K.)      48

Hornet (Gulf of Mexico)      49

Kate (Gulf of Mexico)      49

Merganser (Gulf of Mexico)      49

Red Hawk (Gulf of Mexico)      49

Great White (Gulf of Mexico)      50

Blues Image (Gulf of Mexico)     50

Tahiti (Gulf of Mexico)      50

Trident (Gulf of Mexico)     50

Cascade (Gulf of Mexico)     51

Spa (Gulf of Mexico)      51

Flathead (Gulf of Mexico)     51

Hebron/Ben Nevis (Canada)      51

Sunrise (Australia)      51

Enfield (Australia)      52

CFD-11 (China)      52

 

2. Projects in the Final Design or Bidding Stage        52

Block 17 (Angola)      52

Moho/Bilondo (Congo)      53

Block 18 (Angola)      53

Block 15 (Angola)      53

Akpo (Nigeria)      53

Erha (Nigeria)     54

Agbami (Nigeria)      54

Yoho (Nigeria)      54

Tubu (Nigeria)      55

Okwori (Nigeria)      55

Marlim Sul (Brazil)      55

Roncador II (Brazil)      55

Albacora Leste (Brazil)      56

Angostura (Trinidad)      56

Magnolia (Gulf of Mexico)      56

Ardmore (U.K.)      57

Peng Lai (China)      57

Kepodang (Indonesia)      57

Banyu Urip (Indonesia)      57

Belanak (Indonesia)      58

Cinta (Indonesia)     58

 

3.  New Orders and Relocations       58

Sanha/Bomboco LPG FSO vessel (Angola)      58

Abo FPSO vessel (Nigeria)      58

Woollybutt FPSO vessel (Australia)      59

Coral production semi (Brazil)      59

White Rose FPSO vessel (Canada)      59

Gunnison production spar (Gulf of Mexico)      60

Front Runner production spar (Gulf of Mexico)      59

Marco Polo mini-TLP (Gulf of Mexico)      59

Kristin production semi (Norway)      61

Sutu Den FPSO vessel (Vietnam)     61

 

4. Units Under Construction       61

Sable FPSO vessel (South Africa)      62

Thunder Horse production semi (Gulf of Mexico)      62

Atlantis production semi (Gulf of Mexico)      62

PM-3 FSO vessel (Malaysia)      63

 

5. Systems Recently Completed    63

Ceiba FPSO vessel (Equatorial Guinea)      63

Espoir FPSO vessel (Cote d’Ivoire)      63

Nansen production spar (Gulf of Mexico)      64

Leadon FPSO vessel (U.K.)      64

Wenchang FPSO vessel (China)      64

Navion Odin      64

 

6. Existing Systems        65

Ukpokiti FPSO vessel (Nigeria)      65

Varg FPSO vessel (Norway)      65

Jotun FPSO vessel (Norway)      65

Sakhalin (Russia)      65

Langsa FPSO vessel (Indonesia)      66

Ruby FPSO vessel (Vietnam)      66

Whakaaropai FPSO vessel (New Zealand)      66

Al Zaafarana FPSO vessel (Egypt)      66

 

III.     UNDERLYING MARKET DRIVERS

 

1.          The Global Economy is Showing Signs of Rebounding      67

2.          Oil Demand Growth, Which Fizzled in 2001, Expected to Rebound with the
  World Economy      68

3.          The Oil Producers Have Managed to Curtail Output and Maintain Crude Prices      70

4.          Futures Prices for Oil and Gas Have Remained Robust      70

5.          Overall E&P Spending Has Softened      72

6.          But Demand for Floating Production Systems has Remained Strong      73

7.          How’s Our November Forecast Doing?      74

 

IV.    TECHNOLOGY AND COMPANIES

 

1.          March Gulf of Mexico Lease Sale Draws Interest in Ultra-Deepwater Fields      75

2.          MMS Will Accept Applications for Use of FPSOs in the Gulf of Mexico —
  and the First Project Involving an FPSO has Emerged      76

3.          Shell Sets $16 Per Barrel as the Long Term Price Assumption for
Assessing Project Viability      77

4.          Gas Recovery in Deepwater and Remote Locations Draws Interest in
  Transport Concepts      77

5.          Conoco/Hitec Marketing a Mooringless Deepwater Offloading Solution      78

6.          Industry Group Planning to Investigate FPSO Roll Control Devices      78

7.          Halliburton KBR Completing Conceptual Engineering Study for a Production Spar
  in 10,000 Feet Water Depth      79