Market
The U.S. Environmental Protection Agency lists 121
separate oil and gas leases with existing production facilities in the Gulf of
Mexico. Each facility has power
generation equipment together with adequate export capacity for any natural gas
displaced because of future offshore wind turbine installations. On May 11, 2021, the Government of Canada - through its Ministry of Energy and Natural Resources (Natural Resources Canada) - awarded C$ 24.4 million to initiatives that can reduce greenhouse gas emissions from offshore oil and gas operations, which include floating offshore wind turbines to power oil and gas production platforms. In South America, the FPSO (Floating, Production, Storage, and Offloading) offshore oil and gas market is projected to grow from US$ 4,338.40 million in 2021 to US$ 8,084.45 million by 2028.