Guyana, Brazil, and Suriname are set to anchor South America’s dominance in the global floating production, storage and offloading (FPSO) vessel market, with projects valued at approximately US$181 billion between 2021 and 2030, according to Rystad Energy.
“South America is set to maintain its position as the most significant region for floating production, storage and offloading (FPSO) vessels, with 36 projects awarded or expected to be awarded between 2021 and 2030, totaling field greenfield commitments worth around US$181 billion,” the Norway-based consultancy firm reported.
In a February 19 report, Rystad Energy revealed that of the 36 projects, 25 have disclosed FPSO costs ranging from US$339 million to US$4.6 billion. Rystad Energy said, “Of these, 21 have been awarded, and 15 remain to be awarded by 2030.”
Looking ahead, the report indicates that South America’s FPSO market will continue to expand. “The outlook anticipates smaller average unit sizes compared to the ultra-large cycle earlier this decade, reflecting cost optimization pressures while maintaining South America’s leadership in global FPSO demand,” Rystad Energy stated.
The region also leads in technical complexity. “South America commands the largest share of global FPSO demand by unit count and represents the most technically demanding region for such projects,” the firm said.
U.S. oil major ExxonMobil has been advancing a 35-well offshore campaign in Guyana since 2023, having discovered more than 11 billion barrels of oil equivalent, averaging approximately 716,000 barrels of oil per day in 2025. The drill program, the largest single exploration campaign undertaken by any explorer offshore Guyana, continues through 2027.
In January, TotalEnergies announced a new drill campaign in Block 64 offshore Suriname, further northeast of Block 58, where it has made around five discoveries and is moving to develop the GranMorgu project. Dutch floater specialist SBM Offshore, in partnership with Technip Energies, has been awarded contracts to construct and install an FPSO for the project.
Rystad Energy explained that the “36-project pipeline through 2030 encompasses ultra-large capacity units capable of processing between 180,000 and 250,000 barrels per day (b/d) of liquids, with topside weights reaching over 40,000 – among the heaviest globally.”
Rystad Energy further contrasted this with other regions, noting, “West Africa’s FPSO market trends towards units of between 100,000 and 150,000 b/d production capacity in shallower waters and with lower gas-processing requirements, while Southeast Asia’s market emphasizes gas-condensate developments over high-capacity oil production.”
