Top 6 Companies in the Global Oil and Gas EPC Market, Driven by Rising Energy Demand

Saipem SpA, TechnipFMC Plc, John Wood Group PLC, Bechtel Corporation, Fluor Corporation, and Petrofac Limited, among others are the major players in the global oil and gas EPC market.

The global oil and gas EPC market is expected to grow at a CAGR of about 5% in the forecast period of 2024-2032. As per the analysis by Expert Market Research, the market is driven by the increasing demand for energy worldwide and rising automobile industry.

Production and exploration projects in the oil and gas industry are driving the global oil and gas EPC market growth. An important factor driving the industry is the steady rise in oil and gas prices, which is a result of higher capital spending on upstream projects like exploration and extraction, which are frequently fueled by investments in the building of drilling platforms and production facilities. These projects also benefit companies in the market and advance the industry.

The market is anticipated to rise as a result of technological advancements and the improved viability of deepwater and ultradeepwater projects. In order to increase productivity and cut costs, the market is seeing a trend toward the adoption of digital technologies like cloud computing, artificial intelligence, and the Internet of things. With investments in carbon capture and storage technologies and the integration of renewable energy sources, there is also a growing emphasis on sustainable practices.

In April 2024, Pratham EPC Projects signed a contract worth INR 497 crore with Sun Petro Chemicals, for the EPC project of onshore and offshore pipelines of crude oil in the Gulf of Khambhat in the Arabian Sea coast of India. The company is a major provider of end-to-end engineering, procurement, and construction services in the oil and gas industry in the Indian subcontinent. Further, in April 2024, Aramco, a global leader in energy and chemicals awarded contracts for engineering, procurement and construction solutions worth USD 7.7 billion to increase the processing and gas production capacity of its Fadhili Gas Plant by more than 60% by 2030.

Top 6 Oil and Gas EPC Companies in the World:

Saipem SpA

Saipem is a leader in the construction and engineering of major oil, energy and infrastructure offshore and onshore projects. The company operates a massive offshore fleet of 21 construction vessels and 15 drilling rigs. The 5 major business lines that it claims it provides industrial solutions in are offshore wind, sustainable infrastructures, asset-based services, energy carriers, and robotics & industrialized solutions. The company has a presence in more than 50 countries with over 30,000 employees from more than 120 nations.

TechnipFMC Plc

TechnipFMC is a leader in providing technological and engineering solutions to both traditional and emerging companies in the oil & gas and energy industries. It provides products and services that are fully integrated and cater to the needs of businesses in the said domain through its many proprietary technologies. The company posted a revenue of USD 7.8 billion in 2023 and has a presence in 39 countries with more than 21,000 employees from 117 different countries across the globe.

John Wood Group PLC

A British multinational, John Wood Group PLC, is an industry leader in engineering, consulting. It provides comprehensive management solutions to companies with projects across a wide range of industries including oil & gas, petrochemicals, manufacturing, carbon capture, minerals & metals, decarbonisation, digitalisation and energy transition among others. As of June 2024, John Wood Group PLC secured a new USD 46 million contract with one of the world's leading energy firms TotalEnergies. The company will offer a range of services for the project located in southern Iraq including engineering design, construction and procurement support.

Bechtel Corporation

Bechtel Corporation is a global leader in construction and project management and provides comprehensive engineering services to companies across multifarious sectors such as oil & gas, construction and energy, helping build better infrastructure and enhanced access to resources and energy. In August 2023, Bechtel Corporation signed a major contract with the ‘New Murabba Development Company’ in Saudi Arabia to provide project management services.

Fluor Corporation

Fluor Corporation has a comprehensive portfolio of professional and technical solutions that it provides such as engineering and design, procurement, fabrication, construction, maintenance, and innovation & expertise. This helps deliver well-executed, efficient, and safe engineering and construction projects to clients across a wide range of industries such as manufacturing, chemicals, oil & gas, energy, infrastructure, technology, and life sciences. Since its initiation in the early 20th century, the company now employs more than 30,000 individuals and reported a revenue of USD 15.5 billion in 2023.

Petrofac Limited

The company has a comprehensive client portfolio including leading companies in the oil & gas and energy sector. It claims to provide wide-ranging services such as project execution & project development, engineering consultancy & front-end engineering design, procurement, construction, oil well management and training & competence development courses and programs. The company also operates in other significant markets such as the United States and India and has 30 offices globally with over 8200 employees. Core markets for Petrofac Limited are countries in the North African region and the Middle East along with clients in the UK North Sea.