24 January 2006
This year is set to break records in the number of major engineering, procurement and construction (EPC) contracts awarded in the GCC according to a special report published in the Middle East Economic Digest (MEED).
Contracts worth more than $44 billion are expected to be awarded this year, against a record $31 billion in 2005, with the emphasis shifting to Saudi Arabia and its oil fields. Last year business was driven by Qatari liquid petroleum gas (LPG) contracts.
According to MEED's analysis, Saudi Aramco plans to award up to $18 billion worth of contracts onshore to increase output by more than 1.5 million barrels through the Khurais, Shaybah and Nuayyim field developments.
Significant work is also planned offshore, with Saudi Aramco expected to place orders by early summer for about 20 new production platforms and decks to be installed at the Marjan, Zuluf, Berri and Safaniya fields, in a multi-billion-dollar programme.
Major offshore field developments will be a feature of the GCC oil and gas sector. Denmark's Maersk Oil and Gas is operating a $5 billion programme at the Al Shaheen field in Qatar, to double production to 525,000 barrels a day by 2010.
In Abu Dhabi, an award is imminent for the $2 billion EPC contract to fabricate a gas reinjection super-complex at the Umm Shaif field; partner selection is also expected for two new Saudi Aramco export refineries.
MEED internationally recognised as providing essential information for anyone doing business in, or with, the Middle East and North Africa.
Last year's $31 billion of business represented the highest annual figure of all time for the region and reflects on the startling growth experienced in the GCC across all sectors, including energy and construction.
The highest market share of new contracts went to Paris-based Technip, which closed the year with almost $6 billion in GCC orders, including $4 billion worth of new work on Qatar's (LNG) expansion programme
Following on from its two-train contract from Qatargas at the end of 2004, Technip was awarded two more mega train contracts on the RasGas III and Qatargas 3 and 4 development. These contracts are a joint venture with Japan's Chiyoda Corporation, whose GCC orders totalled $4 billion in 2005.
US-based EPC contractors, Bechtel and Fluor Corporation, returned to the region with $2.25 billion and $1.75 billion respectively.
Italy's Snamprogetti and Japan's JGC Corporation finished last year in third and fourth positions, with total orders of $3.15 billion and $2.5 billion respectively.
This year is set to break records in the number of major engineering, procurement and construction (EPC) contracts awarded in the GCC according to a special report published in the Middle East Economic Digest (MEED).
Contracts worth more than $44 billion are expected to be awarded this year, against a record $31 billion in 2005, with the emphasis shifting to Saudi Arabia and its oil fields. Last year business was driven by Qatari liquid petroleum gas (LPG) contracts.
According to MEED's analysis, Saudi Aramco plans to award up to $18 billion worth of contracts onshore to increase output by more than 1.5 million barrels through the Khurais, Shaybah and Nuayyim field developments.
Significant work is also planned offshore, with Saudi Aramco expected to place orders by early summer for about 20 new production platforms and decks to be installed at the Marjan, Zuluf, Berri and Safaniya fields, in a multi-billion-dollar programme.
Major offshore field developments will be a feature of the GCC oil and gas sector. Denmark's Maersk Oil and Gas is operating a $5 billion programme at the Al Shaheen field in Qatar, to double production to 525,000 barrels a day by 2010.
In Abu Dhabi, an award is imminent for the $2 billion EPC contract to fabricate a gas reinjection super-complex at the Umm Shaif field; partner selection is also expected for two new Saudi Aramco export refineries.
MEED internationally recognised as providing essential information for anyone doing business in, or with, the Middle East and North Africa.
Last year's $31 billion of business represented the highest annual figure of all time for the region and reflects on the startling growth experienced in the GCC across all sectors, including energy and construction.
The highest market share of new contracts went to Paris-based Technip, which closed the year with almost $6 billion in GCC orders, including $4 billion worth of new work on Qatar's (LNG) expansion programme
Following on from its two-train contract from Qatargas at the end of 2004, Technip was awarded two more mega train contracts on the RasGas III and Qatargas 3 and 4 development. These contracts are a joint venture with Japan's Chiyoda Corporation, whose GCC orders totalled $4 billion in 2005.
US-based EPC contractors, Bechtel and Fluor Corporation, returned to the region with $2.25 billion and $1.75 billion respectively.
Italy's Snamprogetti and Japan's JGC Corporation finished last year in third and fourth positions, with total orders of $3.15 billion and $2.5 billion respectively.
© Bahrain Tribune 2006
