Global offshore oil and gas engineering, procurement and construction (EPC) activity has reached an estimated US$38 billion year-to-date, according to new data published on December 2 by Westwood Global Energy Group.
Another US$12 billion is expected before the end of 2025, supported by demand for 82 subsea tree units, three floating production platforms and 22 fixed platform units.
PETRONAS sanctioned the Kelidang cluster development offshore Brunei during the period under review. First gas is planned for 2030.
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Several large contract awards were recorded in the last month: PTT Exploration and Production (PTTEP) awarded China Offshore Oil Engineering Company ( COOEC) an Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract for multiple wellhead platforms and subsea pipelines at the Arthit Ph.4 project offshore Thailand.
TechnipFMC announced an integrated EPCI award for Eni’s Maha project offshore Indonesia. Allseas secured an EPCI contract to deliver 143 kilometers of rigid risers and flowlines for Petrobras’ Atapu-2 development in Brazil, along with a major pipeline installation contract for Shell’s 150-kilometer Rome Pipeline in the US Gulf of Mexico.
OneSubsea JV confirmed a new contract to supply a subsea boosting system for bp’s Tiber field in the US Gulf, in addition to two EPC awards for PTTEP’s Block H and Kikeh developments offshore Malaysia. Larsen & Toubro also landed an EPCI contract to supply up to seven wellhead jackets for the Durra project operated by Al Khafji Joint Operations in the shared neutral zone between Saudi Arabia and Kuwait.
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Westwood said key projects expected to drive investment through year-end include Petrobras’ global frame agreement callouts for subsea production systems and SURF in Brazil, QatarEnergy’s North Field Compression Project Phase 3 in Qatar, and Saudi Aramco’s Contracts Release and Purchase Order (CRPO) 154 to 156.
In 2024, floating production systems made up 44% of offshore EPC contract awards, valued at US$23 billion. Key projects included Petrobras’ P-84 and P-85 units, TotalEnergies’ GranMorgu floating production, storage and offloading vessel (FPSO), and ExxonMobil’s Jaguar FPSO in Suriname and Guyana.
