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Market Characteristics

Most projects are located in northwest Australian waters, with major companies either sole operators or JV partners in oil and gas production fields. Gas is prominent, but oil supplies are also produced. The main driver for gas supply is export, but the Australian government also wants to meet demand from local industrial markets (mining) and domestic markets.

The Australian government signed the Komo agreement which cuts CO2 emissions by 2012. This means the country will eventually have to switch to gas rather than burning fossil fuels (coal). This will drive the development of many of the gas fields off Western Australia. Australia presently develops only 4% of the potential gas resources available, so the scope for expansion is high.

In the future, major projects will consist of 50 or more subsea tress and a complete subsea system producing back to shore on a production facility. It is likely new technologies will be adopted in the future for new gas fields, including subsea boosting, gas compression, light well intervention and through-tubing rotary drilling. Woodside is currently FMC’s largest customer, with just having completed the contract for the existing frame agreement. FMC Singapore will sign a new contract for the frame agreement, with Woodside extending it for a predetermined period.