Malaysia’s MISC has unveiled a newbuild floating production storage and offloading (NBFPSO) unit said to be one of the largest and greenest in the market. The floater, called mega-module engineering and green architecture (MMEGA), is the world’s first to use mega-module topsides that minimise interfaces and improve system integration and incorporates sustainable technologies into the design, which has been granted approval in principle by the American Bureau of Shipping (ABS).
MMEGA is based on modern spread-moored fifth-generation FPSOs for deepwater and ultra-deepwater fields, with a design life of 35 years. According to MISC, the design, which was 24 months in the making, reduces the overall engineering, procurement, construction, installation and commissioning (EPCIC) schedule, optimises the capital expenditure and has the potential to reduce CO2 emissions by nearly 40%.
The vessel comprises a double-sided single-bottom hull and has been engineered to accommodate eight topside mega-modules, with a riser balcony at the port side that can hold up to 51 riser slots. The topsides process and utility systems can process 225,000 bopd, 424 mmscfd of gas with 250,000 bpd of water injection and treat up to 60 mol% CO2 in the well stream. MMEGA is capable of storing 2m bbls of oil and offloading 1m bbls of oil in 24 hours.
“MMEGA represents MISC’s solution to the offshore industry’s current and future needs, said Captain Rajalingam Subramaniam, MISC president and Group CEO. “The design demonstrates our continued commitment to developing innovative solutions that are both eco-efficient and economically viable. We are confident that the improved design and construction flexibility of MMEGA will generate maximum economic value for our customers by reducing project costs and timelines.”
New awards in the FPSO market could reach up to 50 by the end of this decade. From 2023 to 2030, Rystad Energy forecasts 48 FPSO deals for new greenfield developments, 19 of which are earmarked for Brazil and Guyana, with 12 and six units, respectively. Europe is expected to see nine units in total. In Africa, Angola and Nigeria will see three and two units, respectively, while the recent exploration success in Namibia is expected to lead to two new FPSOs. Eight FPSOs were awarded in 2022, with another 12 awards expected this year.
Aside from greenfield projects, the brownfield market is expected to see dozens of life-cycle extension projects and redeployments. Decarbonisation of the FPSO sector is also expected, as the growing demand would hike CO2 emissions from 38m tonnes in 2023 to nearly 50m tonnes by 2030 unless steps are taken, Rystad Energy noted in its report.
