It's not displaced...it's just that the framebuffer doesn't fit on screen. The origin is in the lower left corner and your buffer has a size of 897 while your screen can only display 720 pixels. I'm not sure why it fits when you don't render to texture...maybe you are using a different buffer size then? Anyway, i really don't think that using a framebuffer of that size will take you anywhere. Get a device with a much lower resolution and you'll see, what i mean...
About the offset: As the docs state, the offset has be in normalized coordinates, i.e. a value of 1 or higher will shift the while scene out of view.