Oil & Gas Middle East
It’s that time of the year again when our team takes up the daunting task of shortlisting the top 25 engineering, procurement and construction (EPC) contractors from the vast pool of players that have delivered exceptional results. Even though the shortlisting process was challenging given the recent spike in project activity, yet I can’t help but feel a sense of sheer joy on seeing the final list of the top EPCS in the Middle East region.
It wouldn’t be unfair to say that EPC contractors are the backbone of the
E&P industry. If you really think about it, they take charge of the project right from engineering activities, monitoring supplies to construction management, commissioning and much more.
Unfortunately, recent market conditions have not been very supportive for EPCS. While we’re getting dizzy on the seesaw between fluctuating commodity prices and the urgency to address climate change, EPC companies need to forge ahead with new capabilities, new human capital, and a strong focus on developing sustainable projects, without cannibalising ongoing demand for their fossil expertise.
In addition to our much-awaited EPC list, this issue also features a thoughtprovoking EPC outlook [p8] that discusses how contractors can balance between conventional and decarbonisation opportunities. Speaking of balance, our cover story [p16] features an exclusive interview with the CEO of PTTEP, Montri Rawanchaikul, who shares insights on striking the balance between securing energy supply and reaching net-zero goals. He also discusses how natural gas — the cleanest burning fuel — is the needed bridge to carry the heavy load of the global energy transition.
On a separate note, we have launched a brand new podcast series called ‘The Crude Story,’ which takes a deep dive into the current state of oil and gas markets including factors impacting prices, supply and demand fundamentals. Over recent months, oil and gas markets seem to be on a wild roller coaster ride with geopolitical tensions driving even more uncertainty and volatility to a typically unpredictable market. The ride often gets pretty thrilling — maybe too thrilling for OPEC, which is scrambling to get the coaster inching upward again to bring some relief to oil-dependent economies. So stay tuned for some fresh, juicy insights on oil and gas markets.
Until next time, happy reading!