Market Overview:
Engineering, Procurement, and Construction is a prominent form of contracting agreement in the construction industry. Significant investments in infrastructure projects for oil and gas, along with the revival in the real estate sector and growth in industrial capital expenditure will boost the construction industry and act as a catalyst for the growth of EPC companies.

ISO 20815:2008 covers upstream, midstream and downstream facilities and activities. ISO 20815:2008 focuses on production assurance of oil and gas production, processing and associated activities and the analysis of reliability and maintenance of the components. It has introduced the concept of production assurance within the systems and operations associated with exploration drilling, exploitation, processing, and transport of petroleum, petrochemical and natural gas resources.

Oil and Gas EPC market is expected to grow at a CAGR of XX% to reach a market value of USD XXXX million by 2026.

Market Dynamics:
• The increase in contracts between companies and growth in investment in building new oil and gas plants is driving the global oil and gas EPC market.

• The Government is taking initiatives to remove the hurdles in the way of ongoing projects of oil and gas EPC along with inviting re-bids to some of the projects. Government is promoting low-cost, long-term funding mechanism besides allowing for more External Commercial Borrowing (ECB), this is driving the global oil and gas EPC market.

• The decline in the investments of oil and gas projects and cancellation of projects worth USD 380 billion between 2014-2016 have resulted in a severe downturn in the global oil & gas EPC market.

• The low price of crude oil and lack of skilled labors are the significant restraints for the global oil and gas EPC market.

Market Segmentation:
By end-users:
The major players are expected to invest in exploration, so that the discovered oil reserves are fully utilized later when the oil & gas prices rise, resulting to the growth of upstream exploration contracts, while the midstream and downstream contracts are expected to increase over the forecasting period.

Geographical Analysis:
By Geography, the market is segmented into, North America, Europe, South America, Asia Pacific, The Middle East and Africa

Competitive Analysis:
The increase in contracts and collaboration between the companies is failing the global oil and gas EPC market. In August 2018, Petrofac has been awarded a contract worth around USD 370 million by Basra Oil Company (BOC) for expansion of the Central Processing Facility (CPF). The deal is for 34-month, the lump-sum engineering, procurement, and construction (EPC) project scope includes two oil processing trains, able to process 200 kbopd.

In August 2018, Petrofac has won a USD 600 million contract to provide engineering, procurement, and construction (EPC) services to Sonatrach’s Tinhert field development project in Algeria. The EPC contract is valid for 36 months. They are planning to invest USD 250 million to increase production at the There gas field to 20 million cubic meters (mcm) per day by 2020.

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