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Is the rise of Chinese companies like COOEC a sign of a new era in global offshore engineering? COOEC's completion of a massive oil and gas platform for aramco’s Marjan oilfield, as noted by Aramco's CEO Amin Nasser, could signal a shift in the industry. #EnergyIndustry #OffshoreEngineering #GlobalPartnerships

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Global oil and gas contract value surged 47% in Q2 2024, reaching US$54.91bn from US$37.3bn in Q1, reveals GlobalData. This increase was driven by major deals such as Petrobras' US$8.15bn FPSO contract with Seatrium and Saipem's US$850mn pipeline work in Angola. Despite a slight drop in contract volume, operation & maintenance contracts dominated, comprising 49% of the total, followed by procurement at 29%. Read more: https://zurl.co/FHyX #OilAndGas #ContractGrowth #Petrobras #EnergyProjects #GlobalData

ERW usage in oil and gas and utilities as per SAES(saudi aramco engineering standard)L-136 clause 7.5 shown below

As per MEED | Middle East Economic Digest data, aramco awarded more than $5 billion worth of #offshore engineering, procurement, construction and installation (EPCI) contracts to entities in its Long-Term Agreement (LTA) pool of offshore contractors in 2023. The #Saudi energy giant is expected to leave the tap running on offshore #oilandgas project spending this year too. Do have a read of my #opinion on #SaudiAramco's expected offshore capital expenditure in 2024, and let me know what you think: https://lnkd.in/d-Mu8G_z

Is the EPC model replacing the lease model in the #FPSO sector? Many clients of global #lawfirm Clyde & Co ask this question. The short answer is that while there has been a noticeable increase in the use of the #EPC model, the #lease model remains popular, especially for #upstream companies looking to manage their capital expenditures and reduce risk. Having said this, there have been shifts in preference based on #financing, #project requirements, #riskmanagement considerations and market conditions and we see the EPC (Engineering, Procurement, and Construction) model being used more often. Under the EPC model, an EPC #contractor is responsible for the design, procurement and #construction of the FPSO and once completed, the #floating #production unit is transferred to the operator.  In an EPC model, the operator assumes more financial and operational risks and incurs high #capex. For many FPSO contractors, this can be a good option, particularly given the challenges they face seeking #financing as many #banks shun #fossilfuels, including #oil & #gas.

𝗢𝗶𝗹 𝗮𝗻𝗱 𝗴𝗮𝘀 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝘀𝗲𝗲𝘀 𝟮𝟬𝟮𝟯 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝘃𝗼𝗹𝘂𝗺𝗲 𝗳𝗮𝗹𝗹, 𝘃𝗮𝗹𝘂𝗲 𝗿𝗲𝗺𝗮𝗶𝗻𝘀 𝘀𝘁𝗮𝗯𝗹𝗲 Despite the decline in volume, the overall worth of the contracts held steady. Significant agreements were secured for prominent ventures such as the North Field South liquefied natural gas (LNG) project in Qatar, Golden Pass LNG in the US, Hail and Ghasha field in the United Arab Emirates (UAE), Agopogo FPSO in Angola, and the expansion of the Amiral petrochemicals facility in Saudi Arabia, all amidst demanding market conditions, as reported by GlobalData, the parent company of Offshore Technology. A new report titled Oil and Gas Industry Annual Contracts Analytics by Region, Sector, Planned and Awarded Contracts and Top Contractors reveals that the total disclosed contract value was $187.48bn in 2023, only 1.2% lower than it was in 2022. Pritam Kad, oil and gas analyst at GlobalData, said: “This resilience is attributed to high-value contracts from notable contractors such as Technip Energies and Consolidated Contractors that secured a $10bn EPCC [engineering, procurement, construction and commissioning] contract for QatarEnergy’s North Field South LNG project. Tecnimont’s $8.7bn contract; Saipem and NPCC Consortiums’ $8.2bn EPC [engineering, procurement and construction] contracts for the Hail and Ghasha Development Project in the UAE; Yinson Holdings’ $5.3bn Agogo FPSO [floating production storage and offloading] charter and maintenance; and Hyundai’s $5bn EPC work for the Amiral petrochemicals facility expansion in Saudi Arabia.” Operations and maintenance represented 51% of total contracts in 2023, with procurement scope at 25%, and multiple scopes including construction, design and engineering, installation, procurement and asset retirement representing 12% of the contracts. Read More: https://lnkd.in/gYdp_gN2 #oilandgasnews #news #worldnews #marketnews

Italian energy services provider Saipem has secured a new offshore contract, valued at approximately $2bn (€1.8bn), for the development of an oil and gas field in Saudi Arabia. This contract, which is part of the long-term agreement with Saudi Aramco and follows the completion of the bidding procedure, is for the Marjan field. Saipem’s scope of work includes the EPCI of various offshore structures and systems. These comprise wellhead platforms topsides and jackets, a tie-in platform jacket and topside, rigid flowlines, submarine composite cables and fibre-optic cables. Saipem’s local offshore fleet will be deployed for this project. 𝐑𝐞𝐚𝐝 𝐀𝐫𝐭𝐢𝐜𝐥𝐞: https://lnkd.in/d32CwkGA 𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐍𝐨𝐰: https://lnkd.in/eWy74kPX #Saipem #SaudiAramco #OffshoreEnergy #OilAndGas #MarjanField #EPCI #EnergyServices #OffshoreDevelopment #SubseaTechnology #OilfieldServices #EnergyProjects #SaudiArabia #GlobalEnergy #Velosi #EngineeringInnovation #EnergySector #MarineInfrastructure #Renewables

Oil and gas contract value momentum increases in Q2 2024 Asia recorded most of the contracts, with 464 contracts in Q2 2024, followed by Europe and North America with 368 and 343 contracts, respectively. lobal oil and gas contract activity boosted with Petrobras’ key upstream contracts. The industry witnessed a significant 47% increase in total disclosed value, rising from $37.3bn in Q1 2024 to $54.91bn in Q2 2024. However, the number of contracts saw a decline of 7%, from 1,473 in Q1 2024 to 1,377 in Q2 2024. Some of the notable contracts awarded by Petrobras include Seatrium’s $8.15bn contract for the P-84 and P-85 FPSOs for the Atapu and Sepia fields, offshore Brazil; Seagem’s, Sapura subsidiaries’ and Seabras Sapura Participacoes’ $1.8bn contract for the subsea engineering, installation, and other services utilising the of six multi-purpose pipe-laying support vessels (PLSV); and Subsea 7’s five contracts, including $1.25bn four pipelay support vessels contracts; and another $1.25bn engineering, procurement, fabrication, installation, and pre-commissioning contract of 102km of rigid risers and flowlines for the steel lazy wave production system for Petrobras’ Buzios 9 field development, offshore Brazil. https://lnkd.in/dGwhrKap

𝐎𝐢𝐥 𝐚𝐧𝐝 𝐆𝐚𝐬 𝐄𝐏𝐂 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐒𝐢𝐳𝐞, 𝐒𝐡𝐚𝐫𝐞 & 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐 𝗚𝗲𝘁 𝗮 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗣𝗗𝗙: https://lnkd.in/dGVgY8d9 Industry is projected to be worth USD 56.76 billion in 2024 and reach USD 92.49 billion by 2032, exhibiting a CAGR of 6.3% Oil & Gas Engineering, Procurement & Construction (EPC) includes engineering, procurement, and construction activities for upstream, midstream, and downstream oil & gas sectors. The  #demand remains high and is constantly increasing due to high consumption rate of hydrocarbons worldwide, anticipating the market's #growth. 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧𝐬: 𝐁𝐲 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐓𝐲𝐩𝐞: [Fabrication & Equipment, Construction & Installation, Management Services] 𝐁𝐲 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫: [Upstream, Midstream, Downstream] 𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧: Onshore, Offshore] 𝐊𝐄𝐘 𝐏𝐋𝐀𝐘𝐄𝐑𝐒 𝐂𝐎𝐕𝐄𝐑𝐄𝐃: Petrofac, Woodside Energy, LARSEN & TOUBRO LIMITED - QATAR, McDermott International, Ltd, Saipem, NPCC, Worley Origo Process, TechnipFMC, KBR-AMCDE, Lamprell, Aker Solutions, Subsea7, Fluor Corporation #oilandgsepc #oilindustry #renewables #energyandpower #oil #gas