• BUSINESS INSIGHTS •
Ahead for Consumers?
An ongoing multitude of project announcements brings opportunities for valve and actuator OEMs. Valtorc International revealed an award from a US oil refinery for automated highperformance valves.
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❮ A number of projects reflect confidence that demand for LNG will expand strongly and further establish the U. S. as the world’ s largest LNG exporter.
Recent investments in other regions include Saipem’ s USD $ 425 million EPCI contract from Turkish Petroleum OTC for three additional pipelines plus associated subsea structures for the Sakarya gas field; Chevron’ s final investment decision to expand production capacity of the Leviathan production platform in the Eastern Mediterranean, and ConocoPhillips’ award to Subsea7 for the Previously Produced Fields development, covering the EPCI of subsea structures, umbilicals, risers, and flowlines.
Oil Investments Earlier this year, the IEA forecasted global oil demand growth would average 930 kb / d in 2026( compared to 850 kb / d in 2025), reflecting a return to economic stability. Market confidence in fossil fuels is clearly evident from
recent project announcements, such as bp’ s award of a large integrated EPCI contract for its greenfield Tiber development to TechnipFMC.
This direct award leverages the engineering and equipment in progress for bp’ s first 20,000 psi( 20K) Paleogene project, Kaskida, which bp awarded to TechnipFMC in 2024.
Looking southwards, INEOS Energy has announced a new oil Norphlet discovery. The project was drilled more than five miles below the seabed and confirmed high-quality oil in one of the Gulf’ s promising deep water formations.
Meanwhile in Libya, a 25-year oil development agreement just signed by Waha Oil Company with TotalEnergies and ConocoPhillips could boost production by up to 850,000 bpd, generating over USD $ 376 billion in revenues.
In the UAE, ADNOC has awarded McDermott a major contract for the
Nasr-115 Expansion Project. The ultimate goal is to increase oil production capacity to 115,000 bpd by 2027. Contract scope includes EPCI services for two topside structures, one new manifold tower, one jacket, one bridge, associated pipelines, cables, and brownfield modifications.
Refining and Petrochemicals India continues to be a hotbed of refining and petrochemicals activity. Hence Bharat Petroleum Corporation Limited( BPCL) has awarded two large contracts to Technip Energies. First, an EPCC contract for new polypropylene( 550 KTPA) and butene-1( 50 KTPA) units at the Bina refinery in Madhya Pradesh. Secondly, an EPCM contract for a 3 MMTPA petro resid fluidized catalytic cracker unit at the Mumbai Refinery in Maharashtra. This will be India’ s first such unit, capable of converting heavy refinery residues into lighter, higher-value products.
Also in India, the Guru Gobind Singh Refinery( operated by HPCL Mittal
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