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
  • Consultant wins Jeddah metro design

    22 May 2026

     

    French engineering firm Egis has been appointed to undertake the preliminary design consultancy for the Jeddah Metro Blue Line project.

    The project client, Jeddah Development Authority, issued the tender in early January, when MEED exclusively reported that Saudi Arabia had restarted plans to build the Jeddah Metro.

    Engineering consulting firms submitted bids in April, as MEED reported.

    The Blue Line will run from King Abdulaziz International airport and connect to the Haramain high-speed railway station.

    The line will be 35 kilometres (km) long and will include 15 stations.

    Project history

    Plans for the Jeddah Metro were first publicly floated in the early 2010s and were formally packaged into a wider Jeddah public transport programme around 2013-14.

    In 2014, French engineering firm Systra was appointed to complete preliminary engineering for the Jeddah Metro, as MEED reported at the time.

    In the same year, US-based engineering firm Aecom was awarded a SR276m ($74m) contract to provide pre-programme management consultancy services.

    Under its 18-month contract, Aecom was expected to provide staff to support preliminary planning and design work for various phases of the metro project.

    This was followed by the appointment of UK-based architectural firm Foster + Partners in 2015 to design the metro stations.

    The project then stalled as government spending priorities were reset and major capital programmes were reviewed following the fall in oil prices in 2015, with the metro’s scope, cost and delivery model coming under reassessment.

    Early concept designs envisaged a multi-line network integrated with buses and, later, other city-wide mobility upgrades.

    Route details

    According to Jeddah Transport Company’s website, the scheme comprises 81 stations and 197 trains serving more than 161km. The network will have four lines:

    • Orange Line: a 44.8km line running along Al-Madinah Road and Old Makkah Road, with 29 stops including one at Obhur Bridge
    • Blue Line: a 35km line running from King Abdulaziz International airport to the Haramain high-speed railway station, with 15 stations
    • Green Line: a 17km line running through the city centre, from the downtown area to the Haramain railway station, with nine stops
    • Red Line: A 59.7km line running from King Abdullah Stadium north to Old Makkah Street through King Abdulaziz Road and King Abdullah Road, with 25 stops

    > Be recognised among the best in the industry at the MEED Projects Awards 2026 …

    https://image.digitalinsightresearch.in/uploads/NewsArticle/16949416/main.jpg
    Yasir Iqbal
  • Egypt signs gas deal with QatarEnergy and Exxon Mobil

    22 May 2026

    Egypt’s Ministry of Petroleum & Mineral Resources has signed a preliminary gas agreement with state-owned QatarEnergy and US-based Exxon Mobil.

    The memorandum of understanding (MoU) focuses on cooperation in the development of natural gas discoveries in Cyprus.

    The plan involves transporting gas from offshore discoveries in Cypriot waters to Egypt via pipelines.

    In a statement, Egypt’s Ministry of Petroleum & Mineral Resources said that the deal would strengthen the North African country’s status as a regional hub for natural gas trading.

    The agreement was witnessed by Egypt’s Prime Minister Mustafa Madbouli.

    It was signed by Muhammad Al-Bajouri, from the legal affairs department of the Ministry of Petroleum & Minerals, and Kanan Nariman, vice-president for the development of liquefied natural gas (LNG) at Exxon Mobil.

    It was also signed by Ali Immunae, director of international exploration and production at QatarEnergy.

    Commenting on the MoU signing, Saad Sherida Al-Kaabi, the minister of state for energy affairs, and president and chief executive of QatarEnergy, said: “This MoU represents an important step in advancing regional energy cooperation across the Eastern Mediterranean through unlocking the long-term commercial potential of natural gas resources across that region.”

    Egypt’s Ministry of Petroleum & Mineral Resources said the agreement paved the way for QatarEnergy and Exxon to take advantage of existing Egyptian infrastructure in the gas sector, especially the country’s existing LNG export terminals.

    Under the terms of the agreement, a study will be conducted to analyse the feasibility of linking the gas discoveries in Cyprus to Egypt’s gas facilities.

    The signatories will also establish a commercial framework aimed at achieving “the maximum possible benefit from natural gas resources in both Egypt and Cyprus”.

    Egypt’s Minister of Oil and Gas Karim Badawi said the ministry has been working with ExxonMobil to explore cooperation on the development of gas discoveries in Cyprus.

    He said the partnership with Egypt would help QatarEnergy and Exxon reduce the cost of developing the discoveries while allowing Egypt to achieve an economic return.

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

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16944918/main.jpg
    Wil Crisp
  • Kuwait’s Heisco working on active projects worth $3.5bn

    22 May 2026

     

    Kuwait’s Heavy Engineering Industries & Shipbuilding Company (Heisco) is in a strong position to weather challenges in the country’s project market, with active projects worth $3.5bn, according to documents seen by MEED.

    The company also has active maintenance and service contracts that are worth $843m.

    Heisco’s projects span the oil, gas, power, water, construction, transport and industrial sectors.

    The company’s biggest active project contract is the $576m project to upgrade Kuwait’s Doha West power station.

    This contract was awarded to Heisco by Kuwait’s Ministry of Electricity, Water & Renewable Energy (MEW) in July 2024.

    The company’s second-biggest active project is focused on the construction of crude oil pipelines and associated works in North Kuwait.

    This $565m contract was awarded to Heisco by Kuwait’s state-owned upstream operator Kuwait Oil Company (KOC) in February this year.

    Other major project contracts include a $442m MEW contract for the rehabilitation of the Az-Zour South power and water distillation station and a $223m KOC contract for the construction of flowlines and associated works in the West Kuwait Area.

    Heisco’s biggest active maintenance contract is worth $295m and is focused on providing mechanical maintenance services at Kuwait’s Mina Abdullah Refinery.

    This contract was awarded by the state-owned downstream operator Kuwait National Petroleum Company (KNPC) in July 2023 and it officially started in September that year.

    The contract is currently due to conclude in November 2028.

    Heisco’s second-biggest active maintenance contract is worth $95m and was awarded by Wafra Joint Operations (WJO) for work in the Divided Zone, which is shared by Kuwait and Saudi Arabia.

    WJO’s onshore operations cover an area of about 5,000 square kilometres in the Divided Zone.

    Saudi Arabian Chevron and Kuwait Gulf Oil Company are equal shareholders in WJO.

    Six major fields have been discovered in the WJO area to date: Wafra, South Fuwaris, South Umm-Gudair, Humma, Arq and North Wafra.

    Heisco’s Wafra maintenance contract was awarded in October last year and officially started in November the same year.

    The contract is expected to conclude in May 2031 and its scope is focused on the maintenance of tanks and vessels as well as the provision of welding services.

    Market headwinds

    Kuwait’s oil and gas sector has been severely impacted by the blockade of the Strait of Hormuz, through which all of its crude exports are normally shipped.

    The country recorded zero crude oil exports in April for the first time since the end of the Gulf War in 1991, according to shipping monitor TankerTrackers.com.

    While the closure of the Strait of Hormuz is expected to have a significant impact on Kuwait’s project sector for some time, Heisco’s strong project pipeline is likely to help it weather the challenging economic environment.

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

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16792105/main.png
    Wil Crisp
  • Eni makes oil and gas discovery in Egypt

    22 May 2026

    A joint venture of Italy’s Eni and state-owned Egyptian General Petroleum Corporation (EGPC) has made a major oil and gas discovery in Egypt’s Western Desert region.

    The partnership, known as Agiba Petroleum Company, made the discovery with an exploratory well drilled in the Bustan South block.

    Initial estimates indicate the presence of approximately 330 billion cubic feet of gas and 10 million barrels of condensate and crude oil.

    Together, this is a total of 70 million barrels of oil equivalent (boe), making the discovery Agiba Petroleum Company’s biggest in 15 years.

    The new discovery is located only 10 kilometres from existing facilities and infrastructure, which should enable rapid development and connection to production.

    The well revealed several sandstone and limestone reservoirs, according to a statement from Egypt’s Ministry of Petroleum & Mineral Resources.

    The ministry said: “This new discovery reflects the success of the Ministry of Petroleum & Mineral Resources’ efforts and the incentives it offered to partners to intensify exploration activities in areas adjacent to existing fields.

    “This facilitates new discoveries near existing infrastructure and production facilities without the need for new infrastructure development.

    “This contributes to reducing the cost of producing a barrel, accelerating the integration of discoveries into the production map, and encouraging partners to implement the latest data collection and analysis technologies to increase the chances of successful exploration.”

    Egypt is seeing increased interest in its oil and gas resources due to disruptions to shipping through the Strait of Hormuz, which have significantly reduced oil and gas exports from the GCC and Iraq.

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

    Global energy sector forced to recalibrate; Conflict hits debt issuance and listings activity; UAE’s non-oil sector faces unclear recovery period amid disruption.

    Distributed to senior decision-makers in the region and around the world, the May 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16944815/main.jpg
    Wil Crisp
  • King Salman airport selects three contractors for apron ECI

    21 May 2026

     

    Saudi Arabia’s King Salman International Airport Development Company (KSIADC) has selected three groups to deliver the Terminal 6 apron, taxiways and other airfield infrastructure at King Salman International airport (KSIA) in Riyadh.

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

    The selected groups are:

    • Nesma & Partners / Limak / Samsung C&T / Alayuni Investment & Contracting (local/Turkiye/South Korea/local)
    • Shibh Al-Jazira Contracting Company / Top International Engineering Corporation (local/China)
    • Al-Rashid Trading & Contracting Company / IC Ictas (local/Turkiye)

    The ECI process requires selected contractors to submit methodologies for the project and a design proposal. One team will then be selected for the construction.

    MEED understands that the total package could be worth upto $800m.

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

    In November last year, MEED exclusively 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 had 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.

    MEED’s April 2026 report on Saudi Arabia includes:

    > COMMENT: Risk accelerates Saudi spending shift
    > GVT &: ECONOMY: Riyadh navigates a changed landscape
    > BANKING: Testing times for Saudi banks
    > UPSTREAM: Offshore oil and gas projects to dominate Aramco capex in 2026
    > DOWNSTREAM: Saudi downstream projects market enters lean period
    > POWER: Wind power gathers pace in Saudi Arabia
    > WATER: Sharakat plan signals next phase of Saudi water expansion
    > CONSTRUCTION: Saudi construction enters a period of strategic readjustment
    > TRANSPORT: Rail expansion powers Saudi Arabia’s infrastructure push

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/16937556/main.jpg
    Yasir Iqbal