FPSO

Because offshore project lead times are longer than in shale, production is likely to come on line in 2–5 years when oil prices may be higher. But the number of FPSOs to be sanctioned this year may be cut by half.

A VLCC converted to FPSO, Liza Destiny has a production capacity of 120,000 B/D of oil.

BW Offshore plans to float its exploration and production unit BW Energy through an initial public offering in the first quarter of 2020.

The Italian oil and gas company used a “fast track” model to get the first production well flowing from the Agogo field.

The startup of the deepwater field marks the beginning of production from the massive Stabroek Block, which contains an estimated 6 billion BOE. ExxonMobil estimates that at least 5 FPSOs will be producing more than 750,000 BOPD from the Stabroek Block by 2025.

The Australian company upped its forecast of initial oil production out of the field from 50,000 B/D to somewhere between 75,000 and 100,000 B/D. It expects to spend between $1.9 billion and $2.2 billion on the field's development.

The company performed the heavy lifting and installation of 40 modules, including a 3,000-t module that it said was the largest commercial lift by a land-based crane.

P-68 is Petrobras’ fourth FPSO to begin operations this year following the startups of P-67 at the Lula field and P-76 and P-77 at the Buzios field.

The FPSO, MODEC's largest size of "gas FPSO" to date, will be the first application of the contractor’s M350 Hull, a next-generation newbuilt hull for FPSOs.

As construction continues, SBM Offshore secured the $1.14 billion needed to finance work on the vessel. Liza Unity is scheduled for deployment at ExxonMobil's Liza Phase 2 development offshore Guyana.