Middle East Contracts Boost Overall Oil and Gas Contract Value in Q2 2023
08.14.2023 By TankTerminals.com - NEWS

August 14, 2023 [Oil Review] – Qatar’s North Field LNG project and Saudi Aramco’s petrochemicals joint venture with TotalEnergies were instrumental in boosting overall oil and gas contract value by 60% in Q2 2023, according to new research from GlobalData.

 

The increase was mainly driven by a mega contract for Qatar’s North Field South (NFS) LNG project, according to GlobalData’s latest report, ‘Oil and Gas Industry Contracts Analytics by Sector (Upstream, Midstream and Downstream), Region, Planned and Awarded Contracts and Top Contractors, Q1 2023’ . It shows that the overall contract value increased from US$35.4bn in Q1 2023 to US$56.7bn in Q2 2023. However, contract volume decreased from 1,625 in Q1 2023 to 1,256 in Q2 2023.

Pritam Kad, Oil and Gas analyst at GlobalData, commented, “The big boost on the value front is attributed to Technip Energies and Consolidated Contractors Company (CCC) joint venture’s landmark US$10bn engineering, procurement, construction and commissioning (EPCC) contract to build 16 million tonnes per year North Field South (NFS) LNG project in Qatar.”

Other notable contracts during the quarter include Hyundai E&C’s two lump-sum turn-key contracts combined worth around US$5bn from Saudi Aramco and TotalEnergies, covering the detailed design EPC for a mixed feed cracker (MFC), and utilities, flares, and interconnecting facilities at the Amiral petrochemicals facility expansion in Jubail Industrial City, Saudi Arabia. Maire Tecnimont subsidiaries also secured two lump-sum turn-key contracts worth around US$2bn from Saudi Aramco and TotalEnergies for the EPC of derivatives units and high-density polyethylene (HDPE) units for the same project.

Operation and Maintenance (O&M) represented 54% of the total contracts in Q2 2023, followed by procurement scope with 18%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, accounted for 11%.

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