Oil & Gas Middle East

Celebratin­g EPCS

- Faiza Rizvi Rahman Editor

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!

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