Until recently the FPSO market was forecast to continue on a healthy pattern of growth, which is now being reassessed in the light of the oversupply of oil and the associated collapse in the oil price. There is no better time, indeed Endeavor believes it is essential for the industry to collaborate to share best practices that will better enable projects to meet their investment criteria and progress beyond FID to successful operations.
We will be holding a Webinar at 0900 (CST) on the 24th of June 2020 during which time Bruce Crager and the designated Project Manager Jeff Dice will discuss the JIP in more detail. Please fill out the form below to receive an invite to the webinar.
The FPSO Best Practices JIP will focus on specific issues related to FPSOs. The following key topics have been identified, although these could be modified if the participants chose to do so:
The current industry hiatus has caused significant staff reductions, reorganization and budget cuts at the very time that Human and Financial Capital are needed to solve some of the industry’s key issues. The JIP will be a focused, cost effective and collaborating arrangement to help the industry. Companies frequently perform lessons learned exercises at a project’s conclusion, but the dissemination and codification of the experiences is rarely done internally, let alone shared in the industry. Endeavor proposes to address this by involving stakeholders from the FPSO supply chain including Oil and Gas Operators, leased FPSO providers, Shipyards / Fabricators, Engineering Companies and Class Societies.
Endeavor has developed a scope of work for the JIP, available upon request, that will capture the lessons learned. An experienced Project Manager will manage the overall delivery and coordinate with JIP participants. Each topic of the JIP will be led by an experienced Endeavor Subject Matter Expert. The success of any JIP is strongly dependent on the active participation and financial support from the participating companies, who will be asked to make their Subject Matter Experts (SMEs) available to share the company’s learnings. The Endeavor Advisors will summarize these shared learnings in “Best Practices” which will be reviewed and agreed with the SMEs. Member Companies who do not have a SME for a topic can assign less experienced personnel so they can learn from the discussions and the reports.
Endeavor is ready to commence the work that is expected to take approximately 6 months and be completed in early 2021. We have had excellent indications of interest for this industry initiative, with pledges of support from companies such as Petrobras.