Westwood Global Energy Group forecasts an additional US$35 billion in offshore oil and gas (O&G) related engineering, procurement, and construction (EPC) spending for the remainder of 2024. This will be driven by approximately 125 subsea tree unit awards, 2,230 km of subsea umbilicals, risers, and flowlines (SURF), 2,100 km of pipelines, 75 fixed platforms, and 10 floating production units, with five being upgrades or redeployments of existing units.
Guyana among major oil producers driving global subsea tree demand – Westwood | OilNOW
Year-to-date, the offshore O&G-related EPC contract award value stands at an estimated US$31 billion, excluding letters of intent. Westwood said recent contracting activities were highlighted by OneSubsea’s announcement of securing the subsea production system (SPS) contract for TotalEnergies’ Kaminho offshore Angola. This contract includes the engineering, procurement, construction, installation, and commissioning (EPCIC) of 13 subsea trees. Additionally, Vallourec confirmed a contract to supply approximately 5,000 tonnes of Oil Country Tubular Goods (OCTG) and associated services for the project.
In Indonesia, Wison New Energies signed the EPCIC contract for Genting Oil and Gas Limited’s AKM floating liquefied natural gas (FLNG) unit. This unit will process gas from the Asap, Mera, and Kido fields. Wison noted that the project’s first steel was cut on June 7, 2024.
Other significant contracts include Corinth Pipeworks’ award to supply 118 km of High-Frequency Welded (HFW) steel pipes for Woodside Energy’s Trion development offshore Mexico. The contract includes external coating and concrete weight coating (CWC). In India, ONGC awarded Larsen & Toubro (L&T) a US$283 million contract for the second phase of its Pipeline Replacement (PRP-8) project, involving 140 km of pipelines offshore the west coast. L&T also secured a contract for ONGC’s Daman Upside Development Project, covering EPCIC for four wellhead platforms, 140 km of pipelines, and associated topside modifications.
In Libya, Rosetti Marino announced a contract from Mellitah Oil & Gas for the EPC work scope for the topsides of a wellhead platform.
