SHANGHAI – High demand for ocean engineering equipment in China has lead to strong investment in the domestic offshore market. After 2010, the demand for offshore ocean engineering equipment in China will be more than 45 billion U.S. dollars, accounting for over 10% of global growth. As a key facility of offshore oil and gas exploration and due to continual market expansion, investment in FPSO in 2013 is expected to reach 23 billion U.S. dollars. In the next five years, China will develop up to 30 oilfields which will need more than 10 new and modified FPSOs.
With over 150 attendees from major oil companies, shipyards, shipbuilding companies, heavy industry companies and ocean engineering companies, the China FPSO Summit 2010 was held on 16-17 September 2010 in Shanghai, China. Supported by the American General Business Association and Danish Marine Group China, the summit focused on the state of global ocean engineering and FPSO practices and examined Chinese oil & gas exploration and production trends.