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Floating Production Systems
August 2002 Report

I.     CURRENT AND PLANNED FLOATING PRODUCTION SYSTEMS

 

1. Overview of the Floater Business Sector         1

Recent Orders and Deliveries     1

What's Now Being Built          1

Where Units are Being Built          2

Floaters Planned or Under Study     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 6Years     21

Details for Floaters Now on Order      24

List of Floating Production Projects Planned or Under Study      36

  II.    RECENT DEVELOPMENTS

 

1. Projects in the Planning Stage       47

Block 14 (Angola)     47

Block 34 (Angola)     47

Bonga Southwest (Nigeria)    47

Ukot/Usan (Nigeria)     48

Kudu (Namibia)      48

Ikanga (Equitorial Guinea)      48

Chinguetti (Mauritania)      48

Sunrise (Australia)     49

BM-ES-1 (Brazil)      49

BC-60 (Brazil)      49

Newburn (Nova Scotia)      49

Liaodong Bay (China)      49

Neptune (Gulf of Mexico)      50

Cascade (Gulf of Mexico)      50

Trident (Gulf of Mexico.)      50

Ormen Lange (Norway)      51

Skarv (Norway)      51

Ranggas (Indonesia)      51

Benchamas/Jarmjuree (Thailand)      51

 

2. Projects in the Final Design or Bidding Stage        51

Xicomba (Angola)      52

Kizomba B (Angola)      52

Block 17 (Angola)      52

Block 18 (Angola)      53

Agbami (Nigeria)      53

Erha (Nigeria)      54

Akpo (Nigeria)     54

Okwori (Nigeria)      54

Moho/Bilondo (Congo)      54

Baobab (Cote d'Ivoire)      55

Block G (Equatorial Guinea)      55

Enfield (Australia)      55

Montara (Australia)      56

Roncador II (Brazil)      56

Ex-Roncador FSO (Brazil)      56

CFD-11 (China)      56

Peng Lai(China)      57

Haldia (India)      57

Magnolia (Gulf of Mexico)      57

Llano (Gulf of Mexico)      58

Red Hawk (Gulf of Mexico)      58

West Patricia (Malaysia)     58

Belanak (Indonesia)     58

PM-3 Phase 2 (Malaysia)     58

Oyong (Indonesia)     59

Malampaya (Philippines)     59

 

3.  New Orders and Relocations       59

Albacora Leste FPSO vessel (Brazil)      59

Snohvit LNG barge (Norway)      60

Generic FPSO vessels     60

Sanha/Bomboco FPSO vessel (Angola)      60

Production unit relocations     61

 

4. Units Under Construction       61

Bijupira/Salema FPSO vessel (Brazil)      61

White Rose FPSO vessel (Canada)      61

West Seno TLPs (Indonesia)      61

 

5. Systems Recently Completed    62

Boomvang production spar (Gulf of Mexico)      62

Cakerawala FSO vessel (Malaysia)      62

Camar FSO vessel (Indonesia)      62

 

6. Existing Systems        62

Legendre MOPS (Australia)      62

Huizhou FPSO vessel (China)      63

Langsa FPSO vessel (Indonesia)      63

Leadon FPSO vessel (U.K.)      63

 

III.     UNDERLYING MARKET DRIVERS

 

1.          Oil Demand Growth Expected by IEA to Accelerate Next Year      65

2.          But the World Economy Has Turned Increasingly Shaky Over the Past Several Months      66

3.          The Oil Producers Have Continued to Manage Output to Maintain Crude Prices      66

4.          Futures Prices for Crude and Natural Gas Have Remained Relatively Robust    68

5.          The Dowturn in Offshore Drilling Activity in the U.S. Appears to have Bottomed      69

6.          Floater Order Intake Over the Past Several Months Has Dropped Below the Five Year Monthly Average      70

7.          Our Forecast Last November Floater Orders Appears on Target      71

 

IV.    TECHNOLOGY AND COMPANIES

 

1.          Average Oil Processing Capacity of Floating Production Units Has Increased 47 Percent Over the Past Ten Years      73

2.          Average Processing Plant Size Differs Substantially By Type of Floater      74

3.          FPSOs In The Gulf of Mexico Still Waiting For the First Project      75

4.          Mooring Lines Failed on the Girassol Offloading Buoy      75

5.          Halliburton KBR Finishes the Ultra-Deepwater Spar Conceptual Engineering Study      75

6.          The August 2002 GOM Lease Sale Provides Incentives for Deepwater Exploration and Development      76

7.          Technip-Coflexip Creates a Company to Manufacture Subsea Umbilicals in Angola      76