April 05, 2011 09:08 ET

Rise of Ultra Deep Water Offshore Oil & Gas Production Leading to Industry Growth

ROCKVILLE, MD--(Marketwire - April 5, 2011) - has announced the addition of GBI Research's new report "Floating, Production, Storage and Offloading (FPSO) Industry to 2015 - Rise of Ultra Deep Water Offshore Oil and Gas Production Leading to Industry Growth," to their collection of Energy market reports. For more information, visit

In the recent past, offshore oil and gas exploration has rapidly spread to deep and ultra-deep waters in the search for fresh oil and gas reserves with attractive production potential. This is a marked shift in trend from shallow water offshore drilling till the 1990s.

Hence, in recent years, with the near complete exploitation of the shallow water resources worldwide, companies have begun drilling deeper in the oceans, thereby boosting the need for deployment of Floating, Production, Storage and Offloading (FPSO) and Floating, Storage and Offloading (FSO) vessels, for achieving operational advantage and cost effectiveness with regards to transportation of produced oil and gas from deepwater offshore oil and gas fields, to the mainland.

Another noteworthy point would be that deepwater projects enjoy an advantage over shallow water projects and that the former have lease arrangements much longer and have a much greater time period for completion, an advantage which boosts deepwater offshore drilling activity. Also, technological innovations in the recent past also have, and would continue to boost the deepwater offshore activity, thereby providing an impetus for the rapid growth in the FPSO industry.

Hence, considering the current scenario of the offshore oil and gas industry, the FPSO and FSO industry is expected to witness a technological revolution to meet stringent operational standards.

Petrobras' Floating Production, Storage and Offloading (FPSO), for instance, which is expected to be introduced in 2011, is a converted double-hulled tanker that can operate at ultra-deep water depths and also will have a clastic turret buoy which could be used during challenging environments such as cyclones while the FPSO can be moved to safer waters.

For more information, visit

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