9 Guerrero FLOATERS Master-Ed2013-14
9 Guerrero FLOATERS Master-Ed2013-14
9 Guerrero FLOATERS Master-Ed2013-14
upstream &
technical
services
2013-2014 Master in
Petroleum Engineering and Operations
Stage Subject
Operating models in the FPSO business
University Tutor
Prof. Francesca Verga
Division eni S.p.A.
Upstream & Technical Services
Dept. FIROP/Floaters Spa
Stage Subject
Operating models in the FPSO business
Project Scope
FPSOs market overview
Reference Scenario Floaters in ENI
Feasibility case study (Owned vs. Leased)
How majors oil companies approach FPSO business.
ENIs operational model
Conclusions
Stage Subject
Operating models in the FPSO business
Project Scope
FPSOs market overview
Reference Scenario Floaters in ENI
Feasibility case study (Owned vs. Leased)
How majors oil companies approach FPSO business.
ENIs operational model
Conclusions
BW Offshore, a major leaser, has not signed a new order since 2010 and has
been more focused on renewing its existing contracts. SBM and MODEC are
also more selective about getting new orders. SBM intends to secure its
leadership position in Brazil and Angola and is open to securing projects in
other regions. MODEC intends to grow its FPSO business by focusing on Brazil
and the emerging Africa market.
4 4
3 3
2
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Stage Subject
Operating models in the FPSO business
Project Scope
FPSOs market overview
Reference Scenario Floaters in ENI
Feasibility case study (Owned vs. Leased)
How majors oil companies approach FPSO business.
ENIs operational model
Conclusions
North Sea UK 76 (100%) N, Maersk + 2001 Vega FSO Italy NA 40% N, Edison 2010
services
11
Floating units as critical assets
The floating units are critical elements for the success of an increasing number
of projects upstream & technical services.
FPU Jangkrik
AR1 PTR AR2 AR3
2011 2019
Oct 11 Oct 13 Nov 13 Dec 14
Q4 2014
FPSO NGoma
Apr.
2017
FLNG Mozambique
Jul 2013 Feb. Dec.
2014 2015
2023
2013
Goliat
Oct Dec Mar June
2011 2013 2015 2019
Stage Subject
Operating models in the FPSO business
Project Scope
FPSOs market overview
Reference Scenario Floaters in ENI
Feasibility case study (Owned vs. Leased)
How majors oil companies approach FPSO business.
ENIs operational model
Conclusions
The key parameters to decide whether lease or own an FPSO are NPV,
Maximum financial exposure and Pay-out time.
The financial situation of the oil major company affects the selection of a
leased or owned FPSO development.
Other that economical and financial aspects has to be taken into account the
technical/operational capabilities of the oil company
Taxation
50% Tax oil
50% of tangible capital costs allowable as Investment allowance
Government Participation
There is no Government participation of State rights to take a working
interest.
Stage Subject
Operating models in the FPSO business
Project Scope
FPSOs market overview
Reference Scenario Floaters in ENI
Feasibility case study (Owned vs. Leased)
How majors oil companies approach FPSO
business.
ENIs operational model
Conclusions
eni s.p.a. upstream & technical
services
20
The strategy of the Majors
Oil Major Companies have deloped internal competences to manage the entire
life cycle of the asset with adoption of flexible strategies as function of the
project/country, always giving priority to the ownership and direct
management for high complexity assets and revelant for the business.
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7
7
6
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5
5 5
4 2
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3 3
2 2 2
1 1
BP Total Chevron Exxonmobil ConocoPhillips Shell ENI
Gas
Proce
Oil ssing
Processi Capac Oil
Duratio ng ity Storage Water Conv
FPSO Visible first n Capacity (mms Capacity Depth erte
Field Operator FPSO Operator Owner FPSO Name Field Country Current Status oil (years) (bbls/d) cf/d) (bbls) (ft) Mooring Type d?
BP Teekay Petrojarl Teekay Petrojarl PetroJarl Foinaven Foinaven, FoinavenUnited
East Kingdom Working 1997 - 140.000 260.000 1706 Internal Turret Mooring No
Chevron SBM SBM LPG FPSO Sanha Sanha Angola Working 15/01/2005 1Y, 9M 125 362.000 223 Turret Mooring No
Chevron SBM SBM KUITO Kuito Angola Working 1999 - 100.000 90 1.636.000 1223 Spread Mooring Yes
CNOOC Chevron CNOOC Hai Jang 113 Bozhong 25-1 China Working 2004 - 190.000 1.800.000 72 SAL Yoke No
ConocoPhillips Maersk+Odebrecht Maersk+Odebrecht North Sea Producer MacCulloch United Kingdom Working 2001 - 76.000 30 560.000 492 Internal Turret Mooring / Yes
Spread Mooring
ConocoPhillips ConocoPhillips MODEC KAKAP NATUNA Kakap KH Indonesia Working 1986 - 25.000 25 760.000 269 CRY Yes
Eni BW Offshore BW Offshore ABO FPSO Abo Nigeria Working 15/03/2003 2Y 30.000 44 880.000 1804 Permanent Spread Mooring
Yes
Eni Bluewater Bluewater Glas Dowr FPSO Kitan Australia Working 10/10/2011 1Y, 1M 40.000 0 650.000 1148 Internal Turret Mooring Yes
Eni SBM SBM N'Goma (ex-Xikomba) Sangos Angola Commissioning 12/12/2014 0Y, 11M 100.000 115 1.700.000 4426 External Turret Mooring Yes
ExxonMobil SBM SBM Mondo FPSO Mondo Angola Working 09/01/2008 2Y 100.000 95 1.600.000 2427 External Turret Mooring Yes
ExxonMobil SBM SBM Saxi-Batuque (KIZOMBA C) Saxi Angola Working 13/08/2008 2Y, 7M 100.000 150 1.600.000 2230 External Turret Mooring Yes
ExxonMobil Exxonmobil Bluewater Jotun A Jotun Norway Working 1999 - 123.000 30 595.000 419 Internal Turret Mooring Yes
Shell SBM SBM Espirito Santo Ostra Brazil Working 13/07/2009 2Y, 8M 100.000 150 1.400.000 7871 Internal Turret Mooring Yes
Shell SBM SBM Stones Stones USA, Gulf of Mexico
C onstruction 01/03/2016 2Y, 8M 60.000 15 800.000 9576 Disconnectable ExternalYes
Turret Mooring
Total Maersk Maersk N'Kossa Haute Mer - N'Kossa
Congo Working 1996 - 65.000 20 1.000.000 393 External Turret Mooring Yes
Upstream
International
Operated HQ organization
Vicepresiden
t Area
General
Production
Manager
Country
General
Manager
Offshore JV organization
Operations
Manager
Technical
Marine
Subsurface Asset Business Support Maintenance
Superintend
elements Integrity Support (Engineering Manager
ent
)
Maintenance
Well Operations Class service
Finance
servicing Surveillance Management managemen
t
Stage Subject
Operating models in the FPSO business
Project Scope
FPSOs market overview
Reference Scenario Floaters in ENI
Feasibility case study (Owned vs. Leased)
How majors oil companies approach FPSO business.
ENIs operational model
Conclusions
Manning floaters
Operations Technical/Operational Support
Management/Coordination of O&M and contract mgmt support
Shut-down optimization and troubleshooting
eni s.p.a. upstream & technical
services
26
Critical processes for O&M
The operative model is based on filling the gaps between the specific
processes for the floating unit and the support to the process owner
OPS for customizing the standard ones for their integration with the
naval/process ones.
Floaters
Stage Subject
Operating models in the FPSO business
Project Scope
FPSOs market overview
Reference Scenario Floaters in ENI
Feasibility case study (Owned vs. Leased)
How majors oil companies approach FPSO business.
ENIs operational model
Conclusions
The FPSO supply chain has critical elements such as: project complexity,
few qualified suppliers, and delays/overruns
The main operative models are Leased/Owned; oil major companies tend to
own the high complexity assets keeping the O&M management
Floating production units are key assets for ENI, and in specific FPSOs.