Oil and Gas Construction Project Insights and Analytics (Q4 2023)
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Oil and Gas Construction Projects Overview
The oil and gas construction projects are worth $4.0 trillion as of Q4 2023, which includes projects from the pre-planning stage to the execution stage. Projections indicate a moderate growth trajectory for the global oil and gas infrastructure market in the coming years fueled by the expanding LNG infrastructure, the shift towards natural gas, and the development of new upstream fields. While the upstream oil and gas infrastructure market is expected to grow slightly slower due to a heightened focus on renewable energy and potential production declines in mature basins, the downstream market is anticipated to grow steadily. This growth is driven by the increasing demand for refined products in developing economies.
The oil and gas construction projects research report provides analysis based on GlobalData’s construction projects showing total project values and analysis by stage and funding for all regions. The top 20 projects per region are listed giving the country, stage, and value of projects.
Market Size (Q4 2023) | $4.0 Trillion |
Key Regions | · Middle East and North Africa (MENA)
· North America · Northeast Asia · South Asia · Southeast Asia · Western Europe · Eastern Europe · Latin America · Australasia · Sub-Saharan Africa |
Key Funding Mode | · Private
· Public · Public/Private |
Leading Contractors | · Fluor Corp
· SBM Offshore NV · Saipem SpA · Bechtel Group Inc · McDermott International Inc · KBR Inc |
Leading Designers and Consultants | · Jacobs Engineering Group Inc
· Mitsui E&S Holdings Co., Ltd. · Aker Solutions ASA · WorleyParsons Ltd · Linde Plc |
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Oil and Gas Construction Projects Regional Segmentation
The key regions in the oil and gas construction projects are North America, Northeast Asia, South Asia, Middle East and North Africa (MENA), Southeast Asia, Western Europe, Eastern Europe, Latin America, Australasia, and Sub-Saharan Africa. In terms of the project pipeline value, the MENA region holds the largest share in 2023.
MENA: OPEC+ countries decided to cut oil production in September 2023, which may worsen supply issues due to the Ukraine war, potentially increasing earnings and investment. Global decarbonization policies have varied effects in the region. Iraq aims to match Saudi Arabia’s oil output by 2027 but faces political challenges hindering quick growth. The energy transition may prevent Iraq from capitalizing on its vast oil reserves. Saudi Arabia and others are reducing oil and gas investment to focus on renewables. Unconventional resources like shale are gaining importance in the Middle East and North Africa, leading to more investment in related projects. LNG demand is growing in the region, prompting the expansion of LNG infrastructure. Governments are increasingly implementing local content requirements in oil and gas projects to boost the local economy.
North America: The post-pandemic period and the current Russia-Ukraine war has spurred a diminished outlook for the oil and gas industry in North America. Notably, a discernible shift in energy policy at the federal and state levels is influencing investment decisions. Oil and gas companies are increasingly inclined towards diversification, which is exerting pressure on future investments in significant projects within the sector. This trend is driven by the imperative to align with Net Zero targets. Capital spending by major U.S. oil companies is undergoing a redirection, moving away from carbon-intensive processes, and predominantly concentrating on strategies geared towards lower emissions. With an exception, North America is becoming a major exporter of LNG, thanks in part to the Russia-Ukraine war, and this is leading to an increase in investment into LNG infrastructure, such as liquefaction facilities, pipelines, and export terminals.
Oil and Gas Construction Projects Analysis, by Regions, 2023 (%)
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Oil and Gas Construction Projects Funding Modes
The key funding modes for the oil and gas construction projects are public, public/private, and private. The private funding mode accounts for the majority share of the oil and gas construction projects in 2023.
Oil and Gas Construction Projects Analysis, by Funding Modes, 2023 (%)
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Oil and Gas Construction Projects – Competitive Landscape
Some of the leading contractors involved in the oil and gas construction projects market are:
- Fluor Corp
- SBM Offshore NV
- Saipem SpA
- Bechtel Group Inc
- McDermott International Inc
- KBR Inc
Some of the leading designers and consultants involved in the oil and gas construction projects market are:
- Jacobs Engineering Group Inc
- Mitsui E&S Holdings Co., Ltd.
- Aker Solutions ASA
- WorleyParsons Ltd
- Linde Plc
Oil and Gas Construction Projects Analysis, by Contractors, 2023 (%)
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Oil and Gas Construction Projects - Latest Developments
- TAQA Arabia, the full-service energy and utility provider in Egypt, has announced the commissioning of Tanzania’s first integrated Compressed Natural Gas (CNG) Filling Station and Conversion Center branded “Master Gas”.
- Adnoc Offshore aims to raise the oil production potential of the Upper Zakum concession. Adnoc Offshore has allowed contractors more time to prepare commercial bids for a project to increase the oil production potential of Abu Dhabi’s largest producing oil asset, the Upper Zakum offshore field, to more than 1 million barrels a day (b/d).
Oil and Gas Construction Projects Segmentation
Oil and Gas Construction Projects Regional Outlook (Value, $ Trillion)
- North America
- Northeast Asia
- South Asia
- Middle East and North Africa (MENA)
- Southeast Asia
- Western Europe
- Eastern Europe
- Latin America
- Australasia
- Sub-Saharan Africa
Oil and Gas Construction Projects Funding Mode Outlook (Value, $ Trillion)
- Public
- Public/Private
- Private
Scope
The report provides analysis based on GlobalData’s construction projects showing total project values and analysis by stage and funding for all regions. The top 20 projects per region are listed giving the country, stage, and value of projects. Ranked listings of the key operators for the sector are also provided showing the leading contractors, consulting engineers, and project owners.
Reasons to Buy
- Gain insight into the development of the oil and gas buildings construction sector.
- Assess all major projects by value, start date, scope, and stage of development globally, for the regions to support business development activities.
- Plan campaigns by country based on specific project opportunities and align resources to the most attractive markets.
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Frequently asked questions
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What is the total value of the oil and gas construction projects in 2023?
The oil and gas construction projects total value is $4.0 trillion in Q4 2023.
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Which region held the highest share in the oil and gas construction projects pipeline value?
MENA accounts for the largest share of the total pipeline value in 2023.
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Which funding mode held the highest share of the oil and gas construction projects?
The private funding mode accounts for the majority share of the oil and gas construction projects market in 2023.
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Who are the major contractors operating in the oil and gas construction projects?
Some of the leading contractors involved in the oil and gas construction projects are Fluor Corp, SBM Offshore NV, Saipem SpA, Bechtel Group Inc., McDermott International Inc., and KBR Inc.
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Who are the major designers and consultants operating in the oil and gas construction projects?
Some of the leading designers and consultants involved in the oil and gas construction projects are Jacobs Engineering Group Inc., Mitsui E&S Holdings Co., Ltd., Aker Solutions ASA, WorleyParsons Ltd, and Linde Plc among others.
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