Since June 2021, international oil prices have continued to stay above US$70 per barrel. Stimulated by positive factors such as the recovery in international crude oil demand and the slowdown in the growth rate of U.S. shale oil production, the rise in international oil prices has been gratifying.
Since the beginning of the year, the Brent crude oil futures price has risen by about 42%, once to US $77 / barrel, a three-year high.
The recovery of oil prices has stimulated the investment momentum of oil and gas companies. As the main equipment of offshore oil production, FPSO order demand continues to pick up.
According to statistics, in the first half of 2021, a total of 6 FPSO orders have landed globally, which has exceeded the full-year transaction volume of 2020.
Unlike other types of offshore equipment, FPSO demand has a clearer direction. Most of them are customized development based on specific oil and gas projects, and they have obvious advantages such as low development costs and short production time. When oil prices rebound, they often take the lead in recovery.
Clarkson data shows that there are still 12 potential FPSO projects this year that are expected to make final investment decisions. With the stabilization of international oil prices, customer inquiries are increasing, more new projects are expected to gradually land, and FPSO order transactions will continue to pick up.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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