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In Q4 of 2021, the oil and gas industry has seen an increase of 77% in overall contract value however, there has been a decrease of 14% in the number of contracts says GlobalData, a leading data and analytics company.
Shares of renewable energy stock Orbital Energy Group (NASDAQ:OEG) jumped as much as 21.5% on Wednesday after announcing a new solar project. At 11:15 a.m. EDT today, shares were up 15.4% and holding steady for the day.Orbital Energy Group's subsidiary Orbital Solar Services was selected to be the engineering, procurement, and construction (EPC) provider for a 137 megawatt project in Arkansas.
ADNOC announced the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximize value from all of Abu Dhabi's fields as it expands its oil production capacity to 5 million barrels per day by 2030. Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.
JGC HOLDINGS CORPORATION (Representative Director, Chairman and CEO Masayuki Sato) have announced that JGC JAPAN CORPORATION (Representative Director and President Shoji Yamada), which operates the domestic EPC business of the JGC Group, has been awarded an order for the design, procurement and construction of a biomass power generation plant project in Miyagino Ward, Sendai City, Miyagi Prefecture, Japan.
Lamprell zoomed 55% to 18p on Wednesday afternoon on the back of a new contract award by Sharjah National Oil Corporation valued between US$6-50mln. The oil services firm will undertake engineering, procurement, installation and commissioning contract associated with the Mahani gas and condensate field in the UAE. Scheduled for completion in early 2021, Lamprell's scope of work is specific to the Mahani Extended Well Test project.
Nigeria LNG has awarded an EPC contract (Engineering, Procurement & Contract) for Train 7 project to Italian contractor, Saipem. The long-awaited project is expected to boost Nigeria’s liquefied natural gas (LNG) output by more than 30%. Saipem claimed that the overall value of the contract was above $4 billion, with its share at roughly $2.7 billion. With the LNG production declining, this deal might change the course of things.
EPC giant, TechnipFMC has been awarded an integrated engineering, procurement, construction and installation (iEPCI) contract by Woodside. The scope of the contract includes the development of the Lambert Deep field and Phase 3 of the Greater Western Flank fields. The contract will require TechnipFMC to carry out the design, manufacture, delivery and installation of subsea equipment, including a subsea production system (SPS).
EPC giant, TechnipFMC has landed an integrated EPCI contract from BP Angola for the Platina field. The contract, worth between $75m and $250m, will see TechnipFMC carrying out the manufacturing, delivery and installation of subsea equipment at Block 18 of the Platina field. TechnipFMC Subsea President, Arnaud Pieton commented: “We are very pleased to have been selected by BP for this important deepwater development offshore Angola.
EPC giant, TechnipFMC has landed a contract from Africa-focused oil and gas explorer Bowleven to provide front-end engineering design (FEED) work at Etinde gas field offshore Cameroon. The first phase of the work at Etinde gas field consists to the development of an onshore gas processing, storage and export facility tied to an unmanned wellhead platform. Technip will serve as the lead contractor for the FEED work.
Oilfield services provider, Petrofac yesterday informed about securing two contracts worth ~$1.65 billion from state-run ADNOC for the Dalma gas development project in the UAE. The first package of the contract, priced at $1.07 billion, pertains to developing gas processing facilities at Arzanah island. The second tranche is estimated to be worth $591 million. The contract award comes as the UAE looks to achieve gas self-sufficiency.
Florida-based engineering and consulting solutions provider, NV5 Global Inc. has announced the award of a $34 million EPC contract for the liquefaction system upgrade at an LNG facility. The project will bring in a new liquefier to substitute an older system for increasing the capacity and improving reliability, safety, and ease of operation. The project is slated for completion in approximately 18 months.
The leading engineering and consultancy firm, McDermott has filed for bankruptcy. While filing at the Southern District of Texas, the firm has estimated its liabilities to lie between $1 billion and $10 billion. McDermott has also decided to liquidate Lummus Technology unit for at least $2.725 billion. The company has been struggling with the debt taken on from its $3.5 billion takeover of Chicago Bridge & Iron Co. in 2018.
EPC giant, McDermott's share saw a downfall for a second day on Tuesday, stressed by reports of McDermott discussing bankruptcy with lenders. Sources revealed that the representatives of McDermott, BauPost Group LLC and HPS Investment Partners LLC are looking to negotiate for a $2 billion bankruptcy loan. The company had struggled to acquire over Chicago Bridge and Iron Company and cleared the remaining projects leading to less profit in September.
ExxonMobil's subsidiary Esso Exploration and Production Guyana Limited (EEPGL) has awarded a contract to Saipem. The contract is for the proposed Payara development project in Stabroek block offshore Guyana. Under the scope of this contract, subsea structures, risers and flowlines for Payara are also included. Italian contractor will be in charge of procurement, construction and installation (EPCI) of a large subsea production facility.
Subsea 7 has landed three EPCI contracts from state-run Saudi Aramco. Subsea 7 will carry out the contracts with India’s L&T Hydrocarbon Engineering. The contract requires the firms to perform EPCI works for a total of 28 jackets involving eight new jackets to be instated in the Marjan and Zuluf fields, ten jackets in the Safaniya and Zuluf fields and another ten Jackets in the Zuluf and Ribyan fields.
Saudi Aramco has awarded an EPCI contract to McDermott International for a production deck module (PDM) in the Hasbah gas field with hook-up and modification works in Karan fields. The contract requires McDermott to carry out EPCI of Wellhead PDM for four wefalls, CRA cladded flowline, subsea umbilical cable, offshore tie-ins to existing facilities and electrical modifications to existing PDMs.
McDermott International has secured an EPCI contract for the Gas-Oil Separation Plant (GOSP) for the Package 1 of Saudi Aramco's Marjan Increment Development Mega-Project. The approximately $3 billion contract will require McDermott to deploy an integrated execution model exploiting its extensive global assets and facilities. The Package 1 GOSP separation platform is situated offshore the Arabian Gulf.
L&T Hydrocarbon Engineering, yesterday, informed in a regulatory filing about landing twin orders from oil major, ONGC. The contract requires L&T to carry out EPCIC services for the development of Heera Panna block and Mumbai High South field of the western offshore basin near Mumbai. L&T secured the contracts through international competitive bidding.