RECENT STABILISATION IN the oil price and a backdrop of government support for new projects could see a record number of FPSO projects come online in the next 12 months.Consultancy Marketwatch predicts that 2019-2020 may be the strongest period of growth in the history of the FPSO market,with predictions that it will reach over USD 30 billion by 2025.Figures from Global Data show that Africa is the second highest growth region,with 14 upcoming FPSO additions by 2025.Angola and Nigeria are the main countries in the region,followed by Senegal,Ghana,South Africa,Tunisia and Mauritania.Contributing factors include growth in offshore exploration and production seeking to replace diminishing onshore reserves and a trend toward fast-track floating solutions which take advantage of advances in subsea technologies.
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