Showing posts from February, 2023

Beng Kuang Marine Poised for Growth as Offshore Oil Production Continues to Expand

Still Not Vested In my previous article , I have discussed Beng Kuang Marine, a company that offers maintenance services for Floating Production Storage and Offloading (FPSO) vessels used in offshore oil production. According to Rystad Energy , an energy consultancy, offshore oil production sites are generally more expensive to build than onshore shale sites. However, once established, offshore sites can generate profits at lower prices compared to other forms of production. The average break-even price for producing offshore projects is $18.10 per barrel of oil equivalent, which is lower than the $28.20 per barrel break-even price for onshore production. While some sources on the internet suggest that the cost of offshore oil production could rise to as much as $50 per barrel, many operators are still ordering new FPSO vessels.  Source: Offshore Magazine In 2022, there were as many as 30 new FPSO orders, despite the fact that there are already 179 operating and available FPSO vessels