Global FPSO Inventory and Deployment Trends: Brazil Leads, Deepwater Development Shapes the Future

Floating Production Storage and Offloading (FPSO) units have become the backbone of offshore oil production due to their cost efficiency, flexibility, and technological maturity. As offshore development moves further into deepwater, FPSOs play a critical role in enabling production in remote and challenging environments. Additionally, emerging technologies such as Floating Liquefied Natural Gas (FLNG) and Floating Storage and Regasification Units (FSRU) have expanded the operational scope of floating production solutions.

FPSO project

Current FPSO Inventory and Market Dynamics

As of 2024, the global FPSO fleet is categorized as follows:

Operational FPSOs: 169 units currently producing oil.

Idle and available FPSOs: 14 units ready for redeployment.

FPSOs under construction: 33 units, with a strong concentration in South America and Africa.

Compared to previous years, the number of operational FPSOs has slightly decreased from 174 in 2019 and 163 in 2022. However, the increase in new projects under construction reflects the growing momentum of deepwater development.

Composition of the Active FPSO Fleet

58% (96 units) are converted vessels.

34% (56 units) are newly built FPSOs.

8% (14 units) are redeployed FPSOs.

Regional Distribution: Brazil Leads, Deepwater Becomes the Norm

A total of 29 countries and regions operate FPSOs, with Brazil leading the market with 46 operational units, accounting for 27% of the global fleet. Other key FPSO-operating countries include:

United Kingdom: 18 units

Angola: 16 units

Nigeria: 15 units

China: 14 units

Regional Development Highlights

South America: Brazil dominates deepwater projects, with 11 of the 15 FPSOs under construction allocated to the ultra-deepwater Búzios field.

North Sea: 5 FPSOs are under construction, designed to withstand the harsh conditions of high-latitude offshore environments.

North America: Despite having offshore reserves, FPSO deployment remains limited, with only five units operating in the region, and deepwater FPSOs accounting for less than 10% of total offshore production.

Technical Challenges: Water Depth and Environmental Adaptability

FPSOs are deployed across a wide range of water depths, from shallow waters of 30 meters to ultra-deepwater environments exceeding 3,000 meters. These units must also adapt to extreme climates and harsh offshore conditions.

Shallow Water (<400m): Accounts for 50% of the active fleet, producing approximately 17 million barrels per day (bpd) in 2024.

Deepwater (>400m): Produces 13 million bpd, with production growing rapidly as companies explore deeper reserves.

Future Trends: Deepwater Expansion and Resource Transition

1.Deepwater Projects Take Center Stage

As shallow-water reserves become depleted, deepwater fields in Brazil, Guyana, and West Africa are attracting increased investment. Notably, ExxonMobil is constructing four FPSOs for projects in Guyana, further solidifying the region as a deepwater hub.

2.Rise of the Leasing Model

FPSO leasing models are gaining popularity, allowing contractors to finance, build, and operate FPSOs while oil producers reduce capital expenditure and financial risk. This model is expected to grow as operators seek more flexible and cost-effective production solutions.

3.Decommissioning and Redeployment

Older FPSOs are increasingly being repurposed or retired. Some are converted into Floating Storage and Offloading (FSO) units, while others are scrapped. In 2024, 14 FPSOs remain idle, awaiting potential redeployment or decommissioning.

The FPSO industry stands at a crossroads of resource development and technological innovation. With deepwater exploration expanding, regional competition intensifying, and environmental challenges growing, the industry is shifting toward higher efficiency and lower-cost solutions. As Brazil and other deepwater regions continue to dominate, FPSO technology will evolve to meet the demands of the next generation of offshore production.

In recent years, Haihao Group has participated in the construction of several FPSO pipeline systems in the Brazilian waters. In the future, our company will continue to cooperate with major shipyards to empower more large-scale ship pipeline systems. Email:sales@haihaogroup.com