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
  • Firms submit King Salman airport project prequalifications

    8 July 2026

     

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s King Salman International Airport Development Company (KSIADC) received prequalification statements on 1 July from contractors for two new packages at King Salman International airport (KSIA) in Riyadh.

    These include the construction of a permanent East-West corridor and landside access roads serving the North and South terminals.

    The scope covers the construction of roads, bridges and tunnels.

    The client is expected to float the tenders soon.

    The latest development follows KSIADC's selection of three groups to deliver the Terminal 6 apron, taxiways and other airfield infrastructure at KSIA.

    KSIADC, which is backed by Saudi sovereign wealth vehicle the Public Investment Fund, will initially deliver the project on an early contractor involvement basis.

    In March, MEED exclusively reported that KSIADC had selected three groups for the construction of Terminal 6.

    In November last year, MEED reported that KSIADC was targeting mid-2026 to award the contract for the construction of Terminal 6.

    MEED reported in May 2025 that US firm Bechtel Corporation had been appointed as the delivery partner for the terminals at KSIA.

    According to local media reports, KSIADC’s acting CEO, Marco Mejia, said the project developer has completed the project’s masterplan.

    The reports added that Terminal 6 will boost the airport’s capacity by 40 million passengers.

    The project is expected to be delivered before the start of Expo 2030 Riyadh.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17588533/main.jpg
    Yasir Iqbal
  • WEBINAR: Saudi Giga Projects: Market Update for Q3 2026

    8 July 2026

    Webinar: Saudi Giga Projects: Market Update for Q3 2026 
    Tuesday 21 July 2026 | 11:00 AM GST  |  Register now

    Agenda:

    • Saudi projects market outlook and giga projects update
    • 2026 contract awards, project activity and market performance
    • Giga project reprioritisation, funding allocation and delivery progress
    • Key project announcements, milestones and market developments to watch
    • Major contracts awarded across construction, infrastructure and utilities
    • Upcoming tenders and contract award opportunities over the next 6–12 months
    • Geopolitical risks and their impact on project execution and investment
    • Progress across NEOM, The Red Sea, Diriyah, Qiddiya and New Murabba
    • Major non-giga project opportunities and growth sectors across Saudi Arabia
    • Short-, medium- and long-term outlook for the Saudi projects market
    • Audience Q&A

    Hosted by: Yasir Iqbal, MEED's construction editor

    Click here to register

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17588750/main.jpg
    Yasir Iqbal
  • Genel Energy buys Egypt-focused oil company for $360m

    8 July 2026

    Register for MEED’s 14-day trial access 

    UK-listed Genel Energy has agreed to acquire Egypt-focused Capricorn Energy in a $360m all-cash deal.

    Genel said the acquisition will combine its Kurdistan production base with Capricorn’s portfolio of Egyptian oil and gas assets.

    The company also said the deal will allow it to obtain production in a country with a “well-established regulatory regime, stable contracts and attractive fiscal terms”.

    Several approvals are still required before the acquisition can be finalised.

    In a statement, Genel said: “Genel’s strategy is to build a business with resilient diversified cash flows that deliver sustainable value to shareholders.

    “The Genel board and Genel management are resolute in their belief that this can best be achieved through strategic acquisitions, which add substantial high-quality producing assets to its existing portfolio.”

    Genel’s existing oil and gas assets include its 25% non-operated working interest in the Tawke PSC in the Kurdistan Region of Iraq.

    The company said this asset generated working interest production averaging 17,520 barrels a day (b/d) of oil in 2025 and had operating costs of around $4 a barrel.

    The combined group is expected to hold reserves of 117 million barrels of oil equivalent and production of 41,003 b/d.

    Capricorn is headquartered in Edinburgh and has been listed on the London Stock Exchange for more than 30 years.

    Its core operations are in Egypt’s Western Desert region, where it holds onshore development and production assets.

    In May 2025, Capricorn agreed with Egyptian General Petroleum Corporation to consolidate eight of its 50:50 jointly owned concessions into a single integrated licence with enhanced commercial terms. Capricorn announced in March 2026 that it had received formal parliamentary ratification of the agreement.

    The deal has been announced at a time when Genel is seeing frequent disruption to operations at its assets in Iraqi Kurdistan.

    Production was temporarily suspended at the Tawke field in February after the US and Israel attacked Iran, increasing security concerns in the wider region.

    While the security situation is understood to have improved in the Iraqi Kurdistan region and many oil companies have resumed operations, there are now concerns that the Iraq-Turkiye Pipeline could be shut due to an agreement between the two countries expiring later this month.

    If the pipeline does stop operations, it will negatively impact Genel as it is the main route through which the company’s Iraqi oil is exported.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/17587599/main.jpg
    Wil Crisp
  • Saudi Arabia eyes investors for $136m ferris wheel project

    7 July 2026

    Saudi Arabia is seeking investors to fund a SR511m ($136m) ferris wheel project, known as the Hijaz Eye.

    The project will be located in Medina and will cover an area of more than 33,000 square metres (sq m).

    According to information listed on the Invest Saudi platform, a database of about 2,200 state investment opportunities, the project is expected to have a significant impact on the local economy, offering an internal rate of return (IRR) of over 25%, with a payback period of seven years.

    The tender prospectus does not disclose the ferris wheel's height.

    The pitch to investors describes it as "the best destination to get a bird's eye view of the city", and frames it as an attraction aimed at pilgrims, with the project designed to "enrich the experience of pilgrims" and address a "growing need to increase cultural communication among pilgrims".

    The Hijaz Eye project is part of a broader initiative to establish Saudi Arabia as a leading tourism hub in the Middle East, and reflects Riyadh's growing push to lean on private capital, rather than public financing, for large-scale tourism infrastructure.

    Ain Dubai parallels

    The Hijaz Eye would not be the first giant observation wheel to be built in the region. The UAE's Ain Dubai, on Bluewaters Island, is currently the world's tallest observation wheel, standing 250 metres high – nearly twice the height of the London Eye.

    It is designed to carry up to 1,750 visitors in 48 air-conditioned cabins.

    Ain Dubai's budget was originally estimated at about $272m. The attraction opened in October 2021, coinciding with Expo 2020 Dubai.

    The project used about 9,000 tonnes of steel, more than was used in the construction of the Eiffel Tower, and required some of the world's largest cranes to lift its 1,805-tonne hub and spindle assembly, which is comparable in weight to four Airbus A380 aircraft.

    Despite its scale, Ain Dubai's post-opening record has been uneven. The attraction has closed and reopened several times since its debut, including a widely publicised reopening in December 2024.

    For the Hijaz Eye, the experience of Ain Dubai underlines a message that operational reliability will be central to whether the project can deliver on its projected 25%-plus IRR.

    Project positioning

    The Hijaz Eye is being positioned as an anchor for a specific strategic gap, which includes extending the time and spending of religious visitors to Medina beyond prayer and pilgrimage.

    Domestic and religious tourism sit at the core of the kingdom's Vision 2030 strategy, and the numbers underline why Medina, rather than a leisure hub like Riyadh or Jeddah, is a logical testing ground for private-capital tourism infrastructure.

    In 2025, Saudi Arabia's Tourism Ministry recorded 14 million overseas visitors that visited the kingdom for religious purposes, roughly twice the number of leisure travellers and seven times that of business travellers.

    A further 14 million domestic tourists travelled for religious purposes, of which 6.5 million visited Medina specifically.

    Image credit: www.cranebriefing.com

    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/17576184/main.jpg
    Yasir Iqbal
  • Worley announces Aramco project management consultancy deal

    7 July 2026

    Australian engineering firm Worley has announced it has been awarded a long-term agreement (LTA) by Saudi Aramco to support its projects within Saudi Arabia, mainly by providing project management consultancy (PMC) services.

    The five-year agreement is intended to support Aramco’s extensive capital programme – one of the largest sources of project investment globally, across the energy, chemicals and resources sectors, Worley said in a statement.

    Under the LTA, Worley will provide PMC services, including engineering and design, project development studies, detailed engineering, procurement support, project and construction management and technical expertise. It will also support capability building for local talent in Saudi Arabia.

    Worley was one of 11 local and foreign engineering firms selected by Aramco to create a new pool of PMC service providers, MEED reported in May.

    The Saudi energy giant signed LTAs with several companies for the PMC service providers pool at a ceremony at its Dhahran headquarters on 30 April. The agreements have a duration of five years, with an option to extend for a further three years. These companies were:

    • Engineers India (India)
    • Fluor (US)
    • IDOM (Spain)
    • KBR (US)
    • Kent (UAE)
    • Sinopec (China) / Sinopec Nanjing Engineering Company (China)
    • SNC Lavalin Fayez Engineering (Saudi Arabia) + McDermott (US)
    • Technip Energies (France)
    • Tecnicas Reunidas (Spain) / TR Saudia (local branch)
    • Wood (UAE)
    • Worley (Australia)

    “Importantly, this agreement supports Aramco to ensure critical infrastructure for ongoing energy, chemicals and resources supply for the domestic market in the Kingdom of Saudi Arabia as well as global markets,” Sydney-headquartered Worley said in a statement.

    Services will be delivered through Worley’s offices in Saudi Arabia and the UK, with support from global offices including the Global Integrated Delivery team.

    “The agreement requires Worley to leverage its digital capabilities, including artificial intelligence, augmented and virtual reality, digital twins, robotics and automation, digital scanning, and smart energy solutions, to improve engineering delivery efficiency in compliance with Aramco’s engineering and information security standards,” the Australian Securities Exchange-listed company added.

    Pool of brownfield EPC contractors

    In addition to selecting firms for its PMC services pool, Aramco also created a group of brownfield engineering, procurement and construction (EPC) contractors.

    Aramco awarded LTAs to the following 18 contractors for the brownfield EPC services at the same ceremony in Dhahran on 30 April:

    • Abdulhasan Group (Saudi Arabia)
    • Archirodon (Greece)
    • Bin Quraya (Saudi Arabia)
    • China Petroleum Engineering & Construction Corporation (China)
    • Engineering for the Petroleum and Process Industries (Egypt)
    • Engineering Procurement & Project Management (Tunisia)
    • Gas Arabian Services (Saudi Arabia)
    • GS Engineering & Construction (South Korea) / GS Construction Arabia (local branch)
    • Kalpataru Projects International (India)
    • Kent (UAE)
    • Larsen & Toubro Energy Hydrocarbon (India)
    • M R Al-Khathlan Company for Contracting (Saudi Arabia)
    • Max Streicher (Germany/Italy)
    • National Basics Company (Saudi Arabia)
    • New Horizons Contracting & Maintenance Company (Saudi Arabia)
    • Sinopec (China) / Sinopec Nanjing Engineering Company (China)
    • Technip Energies (France)
    • Tecnicas Reunidas (Spain) / TR Saudia (local branch)

    The scope of services covered under the LTA for brownfield EPC contractors includes the following activities across the kingdom’s Eastern Province and Shaybah areas:

    • Onshore oil/gas/water well tie-ins and hookups
    • Miscellaneous and capital projects
    • Site preparation
    • Power, communication, control, and security projects including Supervisory Control and Data Acquisition (Scada) systems and remote terminal units (RTUs)
    • Project management, engineering, fabrication, coating, procurement, material management and direct construction services
    • Testing, pre-commissioning, commissioning and mechanical completion
    • Camp and office construction, operations and maintenance
    • Modifications, improvements and upgrades to existing onshore facilities
    • Fencing and general onshore civil and structural works

    The LTAs for brownfield EPC works span seven geographical zones:

    1. Northern Area Zone NA-1: Includes plants, pipelines, wells and miscellaneous projects in Manifa, Safaniyah, Wasit, Abu Hadriyah, Fadhili and Khursaniyah.
    2. Northern Area Zone NA-2: Encompasses plants, pipelines, wells and miscellaneous projects in Berri, Abu Ali Island and Qatif.
    3. Southern Area Zone SA-1: Covers plants, pipelines, wells and miscellaneous projects in Dammam, Abqaiq, Aindar, Shedgum and Farzan.
    4. Southern Area Zone SA-2: Comprises plants, pipelines, wells and miscellaneous projects in Haradh and Harmaliyah.
    5. Southern Area Zone SA-3: Spans plants, pipelines, wells and miscellaneous projects in Khurais/Mazalij/Abu Zifan, Central Arabia/Hawtah/Layl, and Nuayyim.
    6. Southern Area Zone SA-4: Incorporates plants, pipelines, wells and miscellaneous projects in Hawiyah and Uthmaniyah.
    7. Shaybah Area Zone SHYB-1: Focuses on plants, pipelines, wells and miscellaneous projects in Shaybah.

    In addition to the newly created LTA pools for PMC services and brownfield EPC works – and excluding the GES+ engineering group – Aramco maintains two LTA contractor groupings for offshore and onshore oil and gas capital projects.

    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/17576189/main4243.jpg
    Indrajit Sen