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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 take care of momentum in contract worth, primarily fueled by contracts for main initiatives resembling North Discipline South LNG, Golden Go LNG, Hail and Ghasha area, Agogo FPSO, and the growth 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 High Contractors,” reveals that the whole disclosed contract worth saved 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 resembling Technip Energies and Consolidated Contractors’ that secured US$10 billion EPCC contract for QatarEnergy’s North Discipline South LNG undertaking. Tecnimont’s US$8.7 billion, Saipem and NPCC Consortiums’ US$8.2 billion EPC contracts for the Hail and Ghasha Growth Undertaking 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 growth in Saudi Arabia,” commented Pritam Kad, Oil and Gasoline Analyst at GlobalData.
Operations and upkeep (O&M) represented the bulk with 51% of the whole contracts in 2023, adopted by procurement scope at 25%, and a number of scopes, together with building, 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 Discipline South (NFS) undertaking in Qatar; Tecnimont’s roughly US$8.7 billion EPC, and Saipem and NPCC’s US$8.2 billion EPC for processing crops, drilling centres, pipeline and utilities infrastructure for the Hail and Ghasha Growth Undertaking 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 combined feed cracker (MFC) and utilities, flares and interconnecting services on the Amiral petrochemicals facility growth in Saudi Arabia.
“The oil and gasoline business’s capacity to safe high-value contracts for main initiatives underscores its enduring energy and flexibility in navigating turbulent instances,” concluded Kad.
Learn the article on-line at: https://www.lngindustry.com/special-reports/20032024/globaldata-oil-and-gas-contract-value-sustains-despite-22-drop-in-volume-during-2023/
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