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The oil and gasoline business noticed a major decline of twenty-two% in disclosed contract quantity from 7550 contracts in 2022 to 5915 in 2023.
Regardless of this lower, the business managed to keep up momentum in contract worth, primarily fueled by contracts for main tasks reminiscent of North Area South LNG, Golden Go LNG, Hail and Ghasha area, Agogo FPSO, and the enlargement of the Amiral petrochemicals facility, amidst difficult market circumstances, reveals GlobalData.
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GlobalData’s newest report, “Oil and Gasoline Business Annual Contracts Analytics by Area, Sector, Deliberate and Awarded Contracts and Prime Contractors,” reveals that the full disclosed contract worth stored momentum at US$187.48 billion in 2023, solely barely decrease than the US$189.94 billion reported in 2022.
“This resilience is attributed to high-value contracts from notable contractors reminiscent of Technip Energies and Consolidated Contractors’ that secured US$10 billion EPCC contract for QatarEnergy’s North Area South LNG mission. Tecnimont’s US$8.7 billion, Saipem and NPCC Consortiums’ US$8.2 billion EPC contracts for the Hail and Ghasha Improvement Challenge within the UAE, Yinson Holdings’ US$5.3 billion Agogo FPSO constitution and upkeep, and Hyundai’s US$5 billion EPC work for Amiral petrochemicals facility enlargement in Saudi Arabia,” commented Pritam Kad, Oil and Gasoline Analyst at GlobalData.
Operations and upkeep (O&M) represented the bulk with 51% of the full contracts in 2023, adopted by procurement scope at 25%, and a number of scopes, together with development, design and engineering, set up, procurement, O&M, and asset retirement, accounted for round 12% of the contracts.
The standout contracts included Technip Energies and CCC JV’s US$10 billion EPCC contract for QatarEnergy’ two mega LNG trains with a capability of 8 million tpy every, together with related services as a part of the North Area South (NFS) mission in Qatar; Tecnimont’s roughly US$8.7 billion EPC, and Saipem and NPCC’s US$8.2 billion EPC for processing vegetation, drilling centres, pipeline and utilities infrastructure for the Hail and Ghasha Improvement Challenge in Abu Dhabi, UAE.
Moreover, Yinson Holdings’ US$5.3 billion contract for Agogo FPSO constitution and operation and upkeep work, and Hyundai’s US$5 billion EPC work for blended feed cracker (MFC) and utilities, flares and interconnecting services on the Amiral petrochemicals facility enlargement in Saudi Arabia.
“The oil and gasoline business’s capacity to safe high-value contracts for main tasks underscores its enduring energy and adaptableness in navigating turbulent occasions,” concluded Kad.
Learn the article on-line at: https://www.lngindustry.com/special-reports/19032024/globaldata-oil-and-gas-contract-value-sustains-despite-22-drop-in-volume-during-2023/
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