Most of us are already in the year-end holiday mood, ready to unwind after a busy year. For the oil and gas sector, 2022 has been an eventful and challenging year, but things don’t seem to be slowing down.
In case you missed the action, here are the top five stories of the week:
1. Petrofac to secure $68 billion projects in 2023
Petrofac expects continued growth next year with a “healthy” pipeline of $68 billion contract awards expected in the next 18 months, the company said in a trading update.
Although the company will post a loss of $100 million in 2022, recording a challenging year for the engineering and construction division, the group’s market outlook “remains positive” and the company is “well-positioned on a number of near-term prospects,” Sami Iskander, Petrofac’s group chief executive noted.
2. L&T wins EPC contract for world’s largest hydrogen plant in Saudi Arabia
NEOM Green Hydrogen Company has named Indian contractor Larsen & Toubro as the sub-EPC contractor for its massive green hydrogen plant in Saudi Arabia. Under the terms of the contract, L&T will execute power grid and power generation works for the plant on an EPC basis.
3. Construction giant ALEC ventures into oil and gas with landmark acquisition
In a major move to diversify its portfolio, Dubai-based construction major ALEC Engineering and Contracting has completed the acquisition of Abu Dhabi-based oil and gas contractor Target Engineering Construction Co LLC to form a joint turnover worth nearly $2 billion.
4. Oman to spend $5 billion on projects in 2023
Oman, the Middle East’s biggest oil producer outside OPEC, will spend $4.95 billion on investment projects in 2023, Oman Investment Authority, the nation’s sovereign wealth fund has announced.
5. Why gas-rich Qatar could be the real winner of the World Cup
For several years, Qatar has worked on cementing its position as one of the leading LNG suppliers of the world.
But on the night of December 18 as the world watched Qatar’s Emir wrapping the ‘bisht’ — a black cloak worn as a symbol of respect — around football star Lionel Messi, Qatar became the center of the world, pulling off a feat none of its neighbors in the Arab world has managed to achieve.