The oil and gas sector has seen some drastic changes in the past year, and so have engineering, procurement and construction (EPC) contractors followed suit to cater to an ever-changing industry. As the region’s national oil companies have moved to integrate vertically and boost their downstream portfolios, so, too have EPC contractors.
EPC contractors are shifting to adapt to an environment that requires they be more ambitious, and more versatile, while maintaining financial discipline to suit the changing needs of the region’s oil and gas companies.
Wood made 29% of its revenue in 2018 from upstream oil & gas. In its annual report, it noted increased activity in the Middle East, specifically in Iraq, where it is working with ExxonMobil and Basrah Gas Company. Wood supported the start-up and ongoing operation of Majnoon oilfield, which is estimated to hold 38bn barrels of oil.
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