Guyana among major oil producers driving global subsea tree demand – Westwood

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Westwood Global Energy Group has released its 2023-2027 subsea tree demand outlook, projecting a total demand of approximately 1,555 units over this period. Notably, Brazil, Guyana, and Norway are expected to account for roughly 40% of the global demand throughout the forecast.

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ExxonMobil is anticipated to be at the forefront among exploration and production (E&P) companies during this period, surpassing Petrobras. This heightened demand can be attributed to Exxon’s field development plans in offshore Guyana and Nigeria.

In the third quarter of 2023 alone, Westwood said that there were 23 subsea tree unit contract awards, largely driven by projects such as Woodside’s Trion offshore Mexico, and Equinor’s Eirin field offshore Norway. Consequently, the total subsea tree orders for 2023 are expected to reach 231 units, a 20% increase compared to last year.

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Looking ahead, some key subsea tree contract awards to watch for the remainder of 2023 include TotalEnergies’ Cameia-Golfinho project in Angola, Eni’s Structure E project offshore Libya, and Energean’s plans to develop the Katlan gas discovery offshore Israel. TechnipFMC has been awarded the integrated front-end engineering and design (iFEED) study for the Katlan field in the third quarter of 2023.

Exxon’s recent award in Guyana pertains to the Uaru project, encompassing the supply of 44 subsea trees, 12 manifolds, and associated equipment. Notably, this marks TechnipFMC’s fifth award within the Stabroek Block and the first project by Exxon to utilize the company’s innovative Subsea 2.0™ system. 

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