The global Floating Production Storage and Offloading (FPSO) market is witnessing remarkable expansion, with its value escalating from USD 4.8 billion in 2022 to an estimated USD 13.8 billion by 2032, reflecting a compound annual growth rate (CAGR) of 12.50%. This growth is due to increased offshore oil and gas exploration and production investments, particularly in deepwater regions. 

Several key players, including Shapoorji Pallonji Oil & Gas, Reliance Industries, Bumi Armada, and ONGC, lead the Indian FPSO sector with their expertise in engineering, procurement, and construction (EPC).

In India, the FPSO market is gaining momentum, with the country's increasing focus on offshore oil and gas exploration to meet its growing energy demands. This blog highlights the top four FPSO companies in India (based on the number of vessels), showcasing their contributions, innovations, and the roles they play in shaping the future of offshore oil and gas production.

List of Top FPSO Companies Operating in India (based on number of vessels)

Bumi Armada

Incorporated: 1995

Headquarters (India): Mumbai, India

CEO: Gary Christenson

Specialties: Offshore energy facilities and services, including FPSOs, FSOs, and subsea construction.

Number of Employees: 700

Number of Vessels: 8

Revenue 2022: INR 105,373.8 lakh (USD 142.37 million)

Revenue 2023: INR 57,586 lakh (USD 77.90 million)

Market Cap: INR 9,498,000 lakh (USD 1,270 million)

Key FPSO Projects

Armada Sterling I and II: Operated in India through a joint venture with Shapoorji Pallonji. These FPSOs are deployed in the D1 and C-7 fields in the western offshore region of India, serving ONGC?.

FPSO Armada Sterling V: Deployed at the KG-DWN-98/2 block in the eastern offshore region of India. This FPSO is part of a joint venture with Shapoorji Pallonji and serves ONGC, marking a significant contribution to India's deep water development projects?.

Karapan Armada Sterling III: Operates in the Madura BD Field in East Java, Indonesia. This FPSO is unique for its large sulfur processing capability, and it is a collaboration project highlighting Bumi Armada's innovative approach to FPSO development??.

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Innovations

Bumi Armada focuses on integrating technology into its FPSOs, including modular designs and enhanced safety features to operate efficiently in harsh environments. The company reduces the environmental impact of its operations, incorporating advanced emission control technologies and sustainable practices in its offshore projects?.

Future Outlook

Bumi Armada aims to expand its global offshore energy projects by securing new contracts and strengthening existing partnerships. The company's joint ventures, particularly in India with Shapoorji Pallonji, highlight its strategic focus on growing markets. The deployment of advanced FPSOs like Armada Sterling V underscores Bumi Armada's capability to meet the increasing demands for energy security and production efficiency in deepwater projects??.

Shapoorji Pallonji Energy Private Limited

Incorporated: 1865

Headquarters: Mumbai, India

CEO: Ravi Shankar Srinivasan

Specialties: FPSO, FSRU, FLNG design, engineering, and operations

Number of Employees: 60,000+

Number of vessels: 4

Revenue 2022: INR 14,275.86 Lakh (USD 181.90 million)

Revenue 2023: INR 8561.86 Lakh (USD 109.10 Million)

Market Cap: N/A

Shapoorji Pallonji Group is a prominent FPSO company in the world. SP has made a great leap in FPSO projects and innovation, primarily focusing on the design, engineering, and operation of these floating solutions.

Key FPSO Projects

Armada Sterling V: This FPSO achieved its first oil production in January 2024 at the KG-DWN-98/2 deepwater block offshore Kakinada, India. It is a joint venture between SP Energy (70%) and Malaysia's Bumi Armada (30%). This vessel, designed to operate in cyclone-prone regions, marks Shapoorji Pallonji's fourth FPSO and its third for Indian waters?.

Previous FPSO Units: SP Energy's earlier projects include the Armada Sterling II and the Karapan Armada Sterling III, which were deployed in various fields, including Bombay High and Indonesia. These projects have established SP Energy's reputation for reliability and technical proficiency??.

Innovations

SP Energy has recently unveiled the Sterling Streamline FPSO hull design, which aims to enhance efficiency and reduce the carbon footprint of FPSO vessel operations. This next-generation design emphasizes a standardized, client-focused approach that facilitates early production with smart, plug-and-play topside configuration. The design is tailored for deepwater projects in Brazil, Guyana, Suriname, and West Africa?.

Read: Global Top 20 FPSO Companies [2023]

Future Outlook

SP Energy is expanding its footprint globally, depending on advanced engineering capabilities and experience in FPSO projects. The company anticipates a growing demand for FPSOs, floating storage and regasification units (FSRUs), and floating liquefied natural gas units (FLNGs). SP Energy's focus on artificial intelligence and machine learning in FPSO operations aims to enhance efficiency and reliability, positioning it well for future growth?.

Reliance Industries

Incorporated: 1966

Headquarters: Mumbai, India.

CEO: Mukesh Ambani

Specialties: Reliance specializes in oil and gas exploration, production, refining, petrochemicals, hydrogen fuel, and renewable energy sources.

Number of Employees: 200,000 people across its various business units.

Number of Vessels: 1

Revenue 2022: INR 7.93 trillion (USD 105.6 billion)

Revenue 2023: INR 8.79 trillion (USD 117 billion)

Market Cap: USD 200 billion

Key FPSO Projects

Dhirubhai-1 FPSO: Reliance's first FPSO was brought to India for the MA field in the Krishna Godavari Basin?.

Ruby FPSO: Developed in partnership with BP, this FPSO is set for the MJ field in the KG-D6 block. It has a production capacity of 60,000 barrels of oil per day and about 12.7 million cubic meters of gas per day?.

Innovations

Reliance is heavily investing in new energy technologies and innovations, such as:

Sterling Streamline FPSO Hull Design: This new generation hull design aims to streamline FPSO operations, improve efficiency, and reduce carbon footprints.

Hydrogen Combustion Engine Technology: Reliance has developed India's first hydrogen combustion engine technology to promote cleaner transportation? (RIL)?.

Future Outlook

Reliance aims to produce green hydrogen at less than USD 1 per kg, supporting India's goal of 500 GW renewable energy capacity by 2030??. Through its Jio-bp unit, Reliance is expanding its electric vehicle charging infrastructure across India and forming partnerships to promote electric mobility??. The MJ, R-Cluster, and Satellite Cluster fields in the KG-D6 block are expected to significantly boost India's domestic gas production, meeting approximately 15% of the country's demand and saving up to USD 10 billion in import costs annually?.

ONGC (Oil and Natural Gas Corporation)

Incorporated: 1956

Headquarters: New Delhi, India

CEO: Arun Kumar Singh (Chairman and Managing Director)

Specialties: Exploration and production of oil and natural gas, refining, petrochemicals, and renewable energy projects.

Number of Employees: Approximately 30,000

Number of Vessels: N/A

Revenue 2022: INR 5.53 trillion (around USD 69.5 billion)

Revenue 2023: INR 5.96 trillion (around USD 75 billion)??

Market Cap: USD 55 billion

Key FPSO Projects

98/2 FPSO: The FPSO for the KG-DWN-98/2 block is part of ONGC's flagship $5 billion deep-sea project in the Krishna Godavari basin, developed in partnership with Bumi Armada and Shapoorji Pallonji. This FPSO project is crucial for increasing India's domestic oil and gas production?.

Cluster 2 FPSO: Another major FPSO unit operated by ONGC in the KG-DWN-98/2 block, this project aims to produce up to 16.6 million cubic meters of gas and 78,000 barrels per day of oil?.

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Innovations

ONGC has implemented this novel technology to tackle the challenges posed by the waxy nature of crude oil in its deepwater projects. This technology ensures efficient transportation of crude oil from the seabed to the FPSO. ONGC is expanding its capabilities in deepwater exploration, particularly in the Krishna Godavari basin, which involves complex engineering and advanced technologies to explore and produce hydrocarbons at significant depths?.

Future Outlook

ONGC is focused on enhancing its production capabilities and increasing its contribution to India's energy security. The completion of phase 3 of the KG-DWN-98/2 project by mid-2024 is expected to increase ONGC's total oil and gas production by 11% and 15%, respectively?. ONGC invests heavily in green energy projects to achieve net-zero carbon emissions by 2038. 

Conclusion

The FPSO sector in India is now experiencing positive growth. Key players like Bumi Armada, Shapoorji Pallonji Oil & Gas, Reliance Industries, and ONGC are at the forefront, each contributing expertise and innovation to shape the industry's trajectory. With its experience and commitment to sustainability, Bumi Armada leads in offshore energy facilities and services. 

Shapoorji Pallonji Energy Private Limited, a longstanding player, specializes in FPSO design and engineering, showcasing innovations like the Sterling Streamline FPSO hull design. Reliance Industries stands out with its investments in new energy technologies, while ONGC plays a crucial role in India's energy security, focusing on exploration and production. Together, these companies are helping the FPSO sector, positioning India for continued growth and leadership in offshore oil and gas production.

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