meed-logo

line1 line2 line3
SIGN IN / REGISTER

Technip Energies leapfrogs the field

23 November 2023

 

There has been a surge in market activity for the oil, gas and petrochemicals sector in the Middle East and North Africa (Mena) over the past year, with engineering, procurement and construction (EPC) contractors securing $77.6bn-worth of deals between October 2022 and September 2023.

This pace of contract award activity represents a more than doubling of the $37.6bn in awards that were let in the preceding four quarters. It is also reflected in a swelling of the award value that was booked by the top 10 most successful contractors during the period. 

These companies secured contract awards totalling $47.2bn in the past four quarters – also more than double the $21.4bn secured by the top 10 contractors by contract value in the period prior. 

This surge in activity has also resulted in a significant amount of reshuffling of the regional leaders in terms of recently awarded contract values.

Regional leaders

Topping the ranking is France’s Technip Energies, which clinched pole position with a contract value of $7.6bn over the past four quarters – made up principally by its 70 per cent share in the $10bn contract to deliver two new liquefied natural gas (LNG) trains as part of QatarEnergy’s North Field South expansion programme. This was the second-largest single contract in the Mena oil and gas industry to date. 

The remarkable win is a huge boost for the French company, which in the preceding period sat in only 10th place, with awards totalling $922m. 

France’s Technip Energies clinched the top position with a contract value of $7.6bn over the past four quarters

Second in this year’s ranking is Hyundai Engineering & Construction from South Korea, with $7.4bn in contract awards, having risen from sixth position the preceding year with just $1.4bn in awards. The firm notably secured two packages worth $2.5bn each from Satorp – the joint venture of Saudi Aramco and TotalEnergies – for the development of the Amiral complex in Jubail. 

Hyundai E&C also secured a $2.4bn contract with Saudi Aramco for the phase two, package two utilities and off-site facilities at the Jafurah unconventional gas field in the kingdom’s Eastern Province.

India’s Larsen & Toubro Energy Hydrocarbon (LTEH) has maintained a consistent foothold in the ranking, retaining the third spot for the second year running. It did so with a significantly elevated contract award value, however, at $6.9bn over the past four quarters, as compared to $2.4bn in the preceding period. 

LTEH bookings included two more contracts as part of phase two of Aramco’s development of its Jafurah unconventional gas field –  a $2.9bn contract for package one, a gas treatment facility, and a $1bn contract for package three, a gas compression plant. LTEH also secured a $1.2bn deal in Algeria for a hydrocracking unit as part of Sonatrach’s Skikda refinery expansion.

Italy’s Saipem has climbed to fourth place with $6.1bn of awards, where previously it came in seventh place with $1.3bn in awards. Its major contracts included the $4.5bn contract for phase two, scope B of the QatarEnergy LNG North Field Production Sustainability programme, and a $1bn contract for the Bouri gas utilisation project with Libya’s Mellitah Oil & Gas Company.

Spain’s Tecnicas Reunidas follows in fifth place, with contracts valued at $5.6bn, rising from ninth place in the previous period, when it secured $1.1bn in awards. The major contract wins in the current period included the $3.6bn contract for Abu Dhabi National Oil Company’s (Adnoc) Maximising Ethane Recovery and Monetisation (Meram) project in a 50:50 joint venture with the local NMDC Energy, formerly National Petroleum Construction Company. 

Tecnicas Reunidas also secured two contracts with Aramco for work on the Riyas natural gas liquids fractionation plant, which is part of the second expansion phase of Jafurah: a $2.2bn award for package two and a $1bn award for package one.

Rounding out the top 10

Italy’s Maire Tecnimont claims sixth place with contracts totalling $3.6bn, maintaining its presence in the top ranks with an increased award value, but still down from third position in the previous period, when the firm secured contracts worth $2.6bn. 

The contractor’s wins included a $1.3bn deal from a joint venture of QatarEnergy and US firm Chevron Phillips Chemical for the Ras Laffan petrochemicals project and several packages within Satorp’s Amiral complex, totalling $1.92bn. It also secured a $380m contract with Sonatrach for a liquefied petroleum gas extraction plant in Rhourde el-Bagel.

Lebanon’s Consolidated Contractors Company has meanwhile secured the seventh position with contracts valued at $3bn. This was led by its 30 per cent share of the $10bn contract for the QatarEnergy LNG North Field South development and a $400m deal for pipelines as part of Satorp’s Amiral project package 5B.

NMDC Energy has landed in eighth position with contracts worth just under $3bn. Its wins included a 50 per cent share of the $3.6bn contract for Adnoc’s Meram project, working alongside Tecnicas Reunidas, as well as a $614m contract for a pipeline as part of Adnoc’s Estidama project and a $600m contract from Saudi Aramco to lay a pipeline from Zuluf to Safaniya. 

The contractor’s position is nevertheless down from last year, when it ranked first with $4.9bn-worth of awards.

China Petroleum Engineering & Construction Corporation secured contracts totalling $2.4bn, earning it ninth place in this year’s ranking. Its wins included a $500m contract for Basra Oil Company’s West Qurna-1 oil field development and a $386m contract for Basra Energy Company’s Mishrif Qurainat oil field development.

UK-based Petrofac rounds off the top 10 with contracts valued at $1.7bn. Wins included a $1bn share of the $1.5bn contract for the Sonatrach Total Entreprise Polymeres joint venture’s propane dehydrogenation polypropylene plant in Arzew, Algeria, and a $700m award for a compressor plant at Habshan as part of Adnoc’s Estidama programme.

Several contractors that were present in last year’s ranking are noticeably absent from this year’s list. These include Japan’s JGC Corporation, which secured no new contracts in the period after posting in second place last year with $4bn in awards. 

US firm McDermott secured $1bn in contract awards this year after placing fourth in the ranking last year with $2.6bn in awards. South Korea’s Samsung Engineering meanwhile secured $1.3bn in awards, slightly up from $1.2bn in the previous period, but not enough to remain in the ranking this year.

Sector and country breakdown

The gas sector emerged as the most lucrative sector in the past four quarters, representing contract awards totalling $33.3bn. This was followed by the chemicals sector, which saw $23.3bn in contract awards, and the oil sector, which recorded $21bn.

In terms of the country of origin for contract awards over the past four quarters, Saudi Arabia led the way, representing awards totalling $23.4bn. This was followed closely by Qatar, with awards worth $20.6bn. 

Iran also witnessed contracts totalling $11.2bn, but this was split between several local contractors in such a way that it prevented any individual EPC contractor from making its mark at a regional level.

The UAE oil, gas and chemicals market meanwhile recorded $9.2bn in contract awards, with several contracts from Adnoc playing a key role in this year’s ranking. 

Algeria, Jordan and Iraq saw total contract awards values of $3.3bn, $3bn and $2.9bn, respectively. Other countries in the region accounted for a further $4bn-worth of EPC contract awards.

https://image.digitalinsightresearch.in/uploads/NewsArticle/11318386/main.gif
John Bambridge

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Former emir of Qatar Sheikh Hamad dies aged 74

    13 July 2026

    Sheikh Hamad Bin Khalifa Al-Thani, the former emir who presided over Qatar's transformation into one of the world's richest states and its largest exporter of liquefied natural gas (LNG), has died at the age of 74.

    The Amiri Diwan, Qatar's official administrative office, announced his death on the morning of 12 July, describing him as a great leader and mourning the loss to the nation. The country declared a four-day period of public mourning, with work suspended across ministries, government agencies and public institutions from Monday 13 July until employees resume on Sunday 19 July. Flags are to be flown at half-mast throughout the mourning period. Funeral prayers were held after Maghrib prayer on 12 July at the Imam Muhammad Bin Abdul Wahab Mosque, after which his body was laid to rest in Lusail Cemetery.

    Sheikh Hamad ruled Qatar from 1995 to 2013 and led its modern economic development. When he took power from his father, the country's finances were strained and its oil reserves were declining. Over the following 18 years, he oversaw an era of rapid economic, social and cultural change that established Qatar as a significant global player in energy, finance and diplomacy.

    Gas foundations

    Central to that transformation was the development of Qatar's North Field gas reserves, one of the largest single accumulations of natural gas in the world. Through a series of international partnerships and investments, Sheikh Hamad's government built the infrastructure that turned the country into the world's largest exporter of LNG, a position that underpinned decades of budget surpluses and funded an expansive development programme across construction, infrastructure and social services.

    The wealth generated by gas exports allowed Qatar to invest heavily both at home and abroad. Sheikh Hamad founded the Qatar Investment Authority (QIA), the sovereign wealth fund that acquired stakes in assets ranging from the London department store Harrods to the football club Paris Saint-Germain. The QIA remains one of the most active sovereign investors in the world and a cornerstone of Qatar's economic strategy.

    Born in Doha in 1952, Sheikh Hamad studied at the UK's Royal Military Academy Sandhurst before joining the Qatar Armed Forces and later serving as defence minister. He was named heir apparent in the late 1970s and took power in 1995 while his father was abroad.

    Global profile

    Sheikh Hamad used Qatar's growing wealth to raise its international standing well beyond its size. In 1996, he backed the launch of the Al-Jazeera television network, which grew into one of the most influential media organisations in the region and further afield. His government also pursued an active diplomatic role, hosting negotiations and international events that positioned Doha as a mediation hub.

    The most prominent, and most contested, achievement of his tenure came in 2010, when Qatar won the right to host the 2022 Fifa World Cup. The tournament prompted a multibillion-dollar construction programme, spanning stadiums, transport networks, hotels and wider urban infrastructure, and accelerated the build-out of projects across the country. The bid and the subsequent preparations drew scrutiny over labour conditions and allegations of corruption, of which Qatar was later cleared.

    Sheikh Hamad's rule also brought institutional change, including the promulgation of Qatar's first permanent constitution in 2004 and the introduction of municipal elections in which women were permitted to vote and stand as candidates.

    In 2013, he handed power to his son and heir apparent, Sheikh Tamim Bin Hamad Al-Thani, then 33, in a rare voluntary abdication by a hereditary Gulf ruler. The transition allowed for a managed handover of a state that had been reshaped over the previous two decades.

    Tributes were offered by leaders across the Gulf and beyond, including UAE President Mohamed Bin Zayed Al-Nahyan, Egyptian President Abdel Fattah El-Sisi and the UK's King Charles III, who said Sheikh Hamad had dedicated many years of distinguished service to Qatar.

    Qatar was a British protectorate until 1971, with the Al-Thani family having ruled since 1851. Sheikh Hamad leaves a state whose economic weight, built largely on the gas reserves developed during his reign, continues to shape the wider Gulf economy.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17651433/main.jpg
    Colin Foreman
  • AtkinsRealis wins Expo 2030 Riyadh design deal

    13 July 2026

    Canadian engineering firm AtkinsRealis has won a contract to deliver lead design services for the Place & Planet Pavilion at the Expo 2030 Riyadh site.

    The contract was awarded by Expo 2030 Riyadh Company (ERC), which is tasked with delivering the Expo 2030 Riyadh venue.

    AtkinsRealis will deliver the full architectural and engineering design for the pavilion, coordinate all relevant design disciplines and embed sustainable design principles throughout.

    The Place & Planet Pavilion is anticipated to be a key attraction at Expo 2030 Riyadh.

    The latest development follows ERC tendering a contract to build the Saudi Arabia pavilion at the site.

    The pavilion is a major asset located within the KSA District on the eastern side of the Expo 2030 Riyadh masterplan, within the Loop of Nations district.

    The tendering of the pavilion structure followed swift progress on the site’s infrastructure development works.

    In April, ERC awarded two contracts for the next phase of infrastructure works at the site to local firm Al-Yamama Company.

    The scope covers the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle charging.

    These awards followed ERC’s January award of an estimated SR1bn ($267m) contract for initial infrastructure works at the site to local firm Nesma & Partners. That scope covers about 50 kilometres of integrated infrastructure networks, including internal roads and utilities such as water, sewage, electrical and communication systems and electric vehicle charging stations.

    The overall infrastructure works – covering the construction of main utilities and civil works at Expo 2030 Riyadh – are split into three packages:

    • Lot 1 covers the main utilities corridor
    • Lot 2 includes the northern cluster of the nature corridor
    • Lot 3 comprises the southern cluster of the nature corridor 

    The masterplan encompasses an area of 6 square kilometres, making it one of the largest sites designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport, and will provide direct access to various landmarks within Riyadh.

    The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched ERC – a wholly owned subsidiary – in June 2025 to build and operate facilities for Expo 2030.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17642053/main.jpg
    Yasir Iqbal
  • Conflict fails to dent Saudi Arabia’s A+ rating

    13 July 2026

    Ratings agency Fitch has affirmed Saudi Arabia's long-term foreign-currency issuer default rating at A+ with a stable outlook, citing fiscal and external balance sheets that remain significantly stronger than those of similarly rated peers.

    In a rating action published on 10 July, Fitch said the kingdom's economy and public finances had proved resilient to the US-Iran war, supported by significant fiscal buffers in the form of deposits and other public-sector assets. Oil dependence and governance scores had improved but remained weaknesses, while geopolitical risk stayed high.

    A deal allowing a ceasefire and the reopening of the Strait of Hormuz is broadly in place, although Fitch warns that flare-ups highlight risks to its near-term sustainability. The agency says further US or Israeli military action against Iran remains quite likely. It expects the reopening of the strait to return the oil market to oversupply, pulling Brent down to an average of $60 a barrel in 2028 from $87 a barrel in 2026.

    Fitch forecasts real GDP growth will slow to 0.6% in 2026, hit by disruption to trade during the closure of the strait. Flows through the East-West pipeline support oil production during the war, but output at an annual average of 9 million barrels a day will sit below the 2025 level.

    Growth is expected to rebound in 2027 as flows normalise, before easing to 2.9% in 2028, supported by the phased opening of gigaprojects and guidance that sovereign wealth vehicle the Public Investment Fund will keep domestic spending largely unchanged.

    The fiscal deficit is projected to narrow in 2026 as higher oil prices offset lower volumes, before widening to 4.7% in 2027 on a fiscal breakeven oil price of $94 a barrel. Fitch projects government debt will rise to 41.3% of GDP by the end of 2028, from 31.8% at the end of 2025, above the government's guidance of a 40% ceiling.

    The agency describes the external balance sheet as healthy, with sovereign net foreign assets of 38.5% of GDP by the end of 2028. Banks have been resilient to the war, with non-performing loans at 1.1% and a Tier 1 capital ratio of 19.2% at the end of the first quarter of 2026.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17644782/main.gif
    Colin Foreman
  • KBR re-evaluates design for Libya oil project

    10 July 2026

     

    US-headquartered KBR is responsible for re-evaluating the front-end engineering and design (feed) for the project to develop the J6 North Gialo field in Libya, according to industry sources.

    In June, MEED reported that Libya’s Waha Oil Company (WOC), a subsidiary of the state-owned National Oil Corporation (NOC), had launched a review into the tender process for the J6 North Gialo oil field development project, and that this would include re-evaluating the feed work.

    The Waha concessions are held by a consortium of Libya’s NOC, which holds 59.16%; TotalEnergies, holding 20.42%; and US-based ConocoPhillips, with 20.42%.

    They are operated by WOC, which is 100% owned by NOC.

    KBR has previously provided engineering services for major national projects in Libya, such as the Great Man-Made River project, which is widely recognised as the largest irrigation project in the world.

    In March, KBR was awarded a contract by Zallaf Exploration, Production & Refining of Oil & Gas Company to provide project management and technical services for the South Refinery project in Libya’s southern city of Ubari.

    Under the terms of the contract, KBR will provide contract management, project management and supporting technical services throughout the engineering, procurement and construction (EPC) phases of the project.

    The EPC work is expected to be executed over a 50-month period.

    In its statement, KBR said that the project is aligned with its “long-standing commitment to advancing vital oil and gas infrastructure in Libya”.

    In March, MEED reported that South Korea’s Daewoo had pulled out of the tender process for Libya’s J6 North Gialo oil field development project.

    Daewoo had formed a partnership with Egypt’s Petrojet to participate in the tender process.

    The only other company to submit a bid for the project was UK-based Petrofac, which filed for administration in October last year.

    In January, TotalEnergies signed an agreement extending the Waha concessions agreement up to 31 December 2050.

    This agreement set new fiscal terms, allowing an increase in the production of these concessions that were, at the time, producing about 370,000 barrels of oil equivalent a day (boe/d).

    In January, TotalEnergies said that the deal paved the way for “a new phase of investments, including the development of the North Gialo field, which is expected to add 100,000 boe/d of production”.

    The J6 North Gialo project is the first of three field development projects that WOC has prioritised.

    The other two are known as NC98 and Gialo 3.

    Together, the three projects are expected to double Waha’s production from about 300,000 barrels a day (b/d) of oil to 600,000 b/d.

    The Waha concession covers 13 million acres.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17621475/main.jpg
    Wil Crisp
  • Qiddiya to tender high-speed rail in September

    10 July 2026

     

    Saudi Arabia’s Royal Commission for Riyadh City, in collaboration with Qiddiya Investment Company and the National Centre for Privatisation & PPP, are expected to float the tender in September for the Qiddiya high-speed rail project in Riyadh.

    MEED understands that the clarification process is ongoing for the engineering, procurement, construction and financing (EPCF), as well as the public-private partnership (PPP) packages.

    The Qiddiya high-speed rail project, also known as Q-Express, will cover 84 kilometres, connecting King Salman International airport and King Abdullah Financial District with Qiddiya City.

    In April, MEED exclusively reported that the clients had received prequalification statements from firms for the EPCF package of the project.

    MEED also reported in May that firms were forming joint ventures for the PPP package of the project.

    The line will operate at speeds of up to 250 kilometres an hour, reaching Qiddiya in 30 minutes.

    There are five stations planned: Qiddiya Grand Central Station, Qiddiya Uptown Station, King Abdullah Financial District, Terminal 6 King Salman International airport (KSIA) and Iconic Terminal at KSIA.

    READ THE JULY 2026 MEED BUSINESS REVIEW – click here to view PDF

    Stress test for Gulf aviation; Mixed performance as country outlooks diverge in the Levant; GCC tourism sector pivots from crisis to recovery mode.

    Distributed to senior decision-makers in the region and around the world, the July 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/17621301/main.jpg
    Yasir Iqbal