Middle East offshore work sustaining oil and gas market
Middle East activity boosted the value of global oil and gas contracts awarded during 3Q 2019 to $44.4 billion, said GlobalData in its latest review.
LONDONMiddle East activity boosted the value of global oil and gas contracts awarded during 3Q 2019 to $44.4 billion, said GlobalData in its latest review.
The main factor was Saudi Aramco issuing 34 engineering, procurement and construction- (EPC) related contracts, worth more than $18 billion in total, for projects such as the offshore Marjan and Berri field incremental development program; and ADNOCs $3.6-billion contract for the supply of 1 MM metric tons of casing and tubing to support E&P in the UAE.
GlobalData analyst Pritam Kad said: Saudi Aramcos commitment towards enhancing local presence is demonstrated in-line with its In-Kingdom Total Value Add (IKTVA) initiative, which is designed to drive domestic value creation.
The recent 34 EPC-related contractsalso support this initiative as most of the contract work will be undertaken by local companies/subsidiaries.
On the similar note, ADNOCs casing and tubing supply contracthas the potential to achieve an in-country value of over 50%, whic....