Published by Uma Rajagopal
Posted on February 16, 2022
Technological advancements in the oil and gas industry call for greater sophistication in the approaches followed by engineering, procurement, and construction (EPC) contractors. To undertake large-scale and ineradicable projects, EPC contractors need to build an army of skilled labor along with a resilient project management base. The success of these contractors in achieving this feat is expected to emerge as a crucial function of market growth. However, exorbitantly-priced bidding processes followed by logjams and dearth of proficient personnel often curtails the development of small-scale businesses in the oil and gas EPC market. The oil and gas industry is expected to deck-up its processes in order to accommodate the needs of EPC contractors, thus, driving market demand.
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Mounting Expenditure on Digitalization Could Add to the Woes of EPC Contractors; Focus on Low-Carbon Projects Comes to the Rescue of the Latter
The outlay on digitalization for shale gas exploration is a supreme driver of growth for the oil and gas EPC market. However, due to the outbreak of the COVID-19, supply chain disruptions brought the process of shale gas transmission to a screeching halt. This also strained the development plans of EPC contractors in the oil and gas industry. To meet the thriving demands of customers, EPC suppliers have now begun to leverage digital offerings for operational paradigms and packages. They are also focusing on adhering to geopolitical prerequisites to keep trade running. Furthermore, the EPC domain has witnessed a remodeling of capital investment to provide cleaner and low-carbon business. Organizations like Petrofac, Aker Solutions, and TechnipFMC have revamped their operations to make room for low-carbon projects.
It is worthwhile to mention that oil and gas activities saw a downfall due to rapid increment in the price of offshore oil. The invention of new onshore and offshore oil and gas assets has led to the evolution of upstream, midstream, and downstream activities. Consequently, the EPC firms are envisaged to grow exponentially and spawn lofty turnovers in the times to follow.
North America – A Dominion for Shale Gas E&P Venture in EPC Market
The Gulf of Mexico, being the hub of E&P activities and fulcrum of shale, elicits North America to dominate the global oil and gas EPC market. Asia Pacific is also a budding market with consistent advancements in oil and gas operations across emerging economies such as India and China. Moreover, North Africa and oil-rich Arab countries have a striking share in the international market. The vertical integration of national oil companies is a strategic move by these nations to maneuver the growth of the EPC contractors in the region.
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Oil and Gas EPC Market Front-runners Across the Globe
Remarkable and most combative contractors in the oil and gas EPC market are Woodside, Equinor ASA, CNOOC Limited, Petrobras, and ExxonMobil Corporation. Additionally, the other competitors of the oil and gas EPC market include Saipem SpA, TechnipFMC, Plc, McDermott International, Petrofac Limited, Mott MacDonald, WorleyParsons Limited, John Wood Group PLC, Aker Solutions, TechnipFMC, LARSEN & TOUBRO LIMITED, Inc., and Fluor Corporation. The strategic moves taken by these contractors are due to play a key role in future growth of the market.
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