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Profiled: Top Upstream EPC Contractors 2012by Patrick Osgood on Jun 7, 2012
2011 and early 2012 have seen some of the most exciting contracts and commissions in the Middle East.
From Pearl GTL in Qatar to new export terminals in south Iraq, projects came on stream which have dramatically affected the upstream landscape and cemented the Middle East’s prime position as the world’s most important energy supplier.
And it’s not going to stop there.
Barclays Capital estimates that global exploration and production (E&P) spending in 2012 will be up 10%, with Middle East E&P spending expected to rise 12% due to a pickup in activity particularly in Iraq, Saudi Arabia and Kuwait.
Offshore and subsea will play a huge part in the region’s growth over the next few years, as the region grabs a slice of $217 billion of planned spending on subsea and pipeline work by 2017, with even that only being enough to ensure the replacement of lost production.
Even without any demand growth, around a quarter – 23.6 million barrels a day - of total oil supply will need to be replaced by 2017. The IEA expects the MENA region to add more production capacity than any other region, investing $100 billion annually to meet the need for oil and gas.
Our 2012 EPC Contractors Special Report is the most comprehensive edition to date. In compiling our rankings, we have used a weighted combination of contract awards, backlog, revenue, EBITDA, net profit and shareholder return - all on show in our rankings on pages 26-27 - and broken down into stats for the region and the upstream sector. Where these figures remained confidential, we have used estimates based on reports, disclosures and industry comparables.
As a result, some results may surprise, and the rankings have been shaken since last year.
Our aim has been to provide a comprehensive view of who is really thriving in the region, and who is best placed to profit from the capex bonanza in the years ahead. So get reading, and join us online to tell us what you think.
Click to read the supplement online, including our rankings table and interviews with Fluor, Topaz Energy & Marine and key suppliers AES Arabia and Total Solutions.