86 subsea tree awards anticipated in H2 2023, H1 closes with 196 – Westwood

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The first half of 2023 closed with 196 subsea tree awards, according to new data by Westwood Global Energy Group, released on August 14. The industry’s gaze now turns to the remaining months of 2023, when the anticipation of 86 additional subsea tree units being awarded prevails. 

“Woodside Energy’s Trion project offshore Mexico, TotalEnergies’ Cameia-Golfinho, and Shell’s Sparta development in the US GoM are the highlights for subsea tree contract awards anticipated in H2 2023. However, smaller-sized projects such as Chariot’s Anchois gas development offshore Morocco and Energean’s plans to develop its Katlan gas discovery offshore Israel will support subsea tree demand for the remainder of 2023,” the report outlined. 

Guyana, Brazil & West Africa pushing billion-dollar subsea opportunities for TechnipFMC | OilNOW

The demand outlook for subsea trees extends beyond the current year, with projections from 2023 to 2027 estimated at approximately 1,400 units, according to Westwood. 

This forecast leaves room for potential expansion, especially in the later years. 

Westwood noted that the delayed commencement of projects such as Pecan Energy’s Pecan development in Ghana, Ithaca Energy’s Cambo project in the UK, and Woodside Energy’s Greater Sunrise development in Timor Leste adds a layer of optimism. 

“These projects hold the promise of potential sanctioning as field operators explore development options and navigate governmental approval processes,” it said. 

ExxonMobil is expected to lead E&P’s subsea tree demand over the forecast period ahead of Petrobras, driven by its field development plans offshore Guyana and Nigeria.

Exxon’s latest award in Guyana was for the Uaru project. The contract covers the supply of 44 subsea trees, 12 manifolds, and associated equipment. This is the fifth award that TechnipFMC has received within the Stabroek Block, and the first project by ExxonMobil to utilise the company’s Subsea 2.0™ system. 

The system uses a configure-to-order model that allows for faster delivery times and is designed to streamline subsea operations. As part of the contract, TechnipFMC will provide project management, engineering, and manufacturing services to deliver the subsea production system for Uaru.

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