Report: August 2017 oil and gas contract activity prominent in downstream sector
Guangdong Electrical Design Institute’s engineering, procurement and construction (EPC) contract worth $3.58bn, as well as other major contracts, made the downstream sector prominent within oil and gas contract activity in August, according to a report by GlobalData.
Titled ‘Monthly Oil & Gas Industry Contracts Review – Khyber Pakhtunkhawa and Duqm Refinery Contracts Lead Activity in Downstream Sector’, the report also states some of the notable contracts signed during the month.
Guangdong Electrical Design Institute, a subsidiary of China Energy Engineering Corporation, was awarded the EPC contract by Falcon Oil. The contract is meant for a deep conversion oil refinery with a capacity of 100,000 barrels a day in Khyber Pakhtunkhawa, Pakistan.
Two other notable downstream contracts signed within the month were the $2.75bn EPC contract won by the joint venture of Tecnicas Reunidas (65%) and Daewoo Engineering and Construction (35%) for the process units at Duqm refinery in Oman, and the $2bn contract won by Petrofac for the EPCC, training and start-up operations for all utilities and offsites at the same refinery.
The majority of the awarded contracts were related to operations and maintenance (O&M, 57%), while contracts with multiple scopes accounted for 17%.
The top contractor in terms of value was Hyundai Engineering & Construction, which won contracts with a combined value of $12.29bn between September 2016 and August 2017, while the top issuer was Coral FLNG, which awarded contracts worth $6.32bn during the same period.