A recent study by energy analysts Douglas-Westwood and industry data specialists Infield Systems, estimates that over the next five years capital expenditure in the floating production sector will increase by more than 80%, reaching almost $32 billion, with 116 floaters being installed worldwide.
The study's lead author, Dominic Harbinson of Douglas-Westwood, commented: "Deepwater is undoubtedly the most influential driver for growth in this sector. We reckon that the world's three major deepwater regions will account for around 75% of the capex forecast for the period 2003-2007."
Along with such growth comes a drive for cost effective technology which has been undertaken by some of the worlds biggest oilfield services companies.
Schlumberger and SMD have both released subsea tractors capable of assemblies, laying and buring cables and data acquisition.
The SMB Lay and Burial Tractor (LBT1) carries a spool of power which allows it to simultaneously lay and bury an entire interconnecting cable between adjacent turbines whilst the vessel is jacked up out of the water installing the topsides.
The cable is spooled onto a hydraulically driven removable reel, meaning that it can payout and pick up whilst on the seabed. The reel can hold up to 1000 metres of cable and despite weighing almost 60 tonnes when fully laden. The wide tracks can support and propel the vehicle on the weakest soils anticipated at typical windfarm sites.
The combination of a chain cutter and the jet legs, working together or separately depending on the conditions, mean that the vehicle will be able to lay and bury the cable in one pass with a typical speed of 500m/hr even in firm seabeds.
The Schlumberger MaxTRAC production services tractor is specifically developed for seamless data acquisition while tractoring in horizontal sections of complex completions.
In field tests in the Middle East, the MaxTRAC was used in horizontal, openhole completions to eliminate significant coiled tubing and nitrogen pumping costs. The record well depth logged was double that previously possible.
Long horizontal sections and complex completions are the focus of the MaxTRAC technology, which can be applied to depths of more than 30,000ft.
Of the total subsea expenditure Africa is expected to get the lion's share of future activity with 34 installations and investment worth almost $12 billion destined for the region during the period to 2007. Asia is second only to Africa in terms of the number of subsea production vessels forecast to start work during the period.
Of the 116 floating production systems forecast to be built in the period 2003-2007, FPSOs are expected to account for the largest proportion (77 vessels), along with 10 floating production semi-submersibles (FPSSs), 16 TLPs and 13 spars. Expenditure on FPSOs is expected to total $21 billion or 67% of the forecast $32 billion global capex.
