Bumi Armada CEO believes India offers exciting growth opportunities for companies serving the floating production, storage and offloading market.
Malaysia-listed Bumi Armada Berhad’s CEO Hassan Basma sees potential demand for as many as 30 floating production, storage and offloading (FPSO) vessels off India, as state-owned Oil and Natural Gas Corporation Ltd. (ONGC) ramps up cluster developments of oil and gas fields.
Hassan Basma, CEO of Bumi Armada Source: Bumi Armada Berhad
Hassan described India as “a good address” for FPSO contractors with numerous “clusters of small fields” in ONGC-operated offshore blocks waiting to be commercialized.
Promising FPSO Market in India
Subject to regulatory approvals, the Bumi Armada CEO expects about 30 FPSOs will be required off India in the next five years.
Without identifying specific field locations, he flagged three FPSO requirements already on the horizon – one for gas and condensate production and two others separately for a gas development and an oil project.
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