[Haichuan Overseas Engineering] CNOOC Engineering signs an $800 million EPCI turnkey project contract with Thai PTTEP for the construction of wellhead platforms and offshore pipelines under Phase 4 of the bundled project
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On October 27, CNOOC Engineering officially signed a contract with Thailand’s PTTEP for the EPCI turnkey project involving the construction of wellhead platforms and offshore pipelines under Phase 4 of the Bundled project. The contract value is estimated to be around $800 million (approximately 5.688 billion yuan), setting a new record for the amount of contracts for oceanic oil and gas development projects awarded to Chinese companies in Southeast Asia. This is another major EPC contract won by CNOOC Engineering in the Asia-Pacific market, following its victory in the bid for the EPCI general contracting project for Phase 4 of PIC in 2024. It signifies that the general contracting capabilities of Chinese companies in offshore oil and gas engineering are highly recognized in the international market. It is worth mentioning that in October of this year, CNOOC Engineering also officially signed a contract for the general contracting of the Bul Hanine (BH) project with QatarEnergy. CNOOC Engineering is responsible for the overall management of this project, including detailed design, procurement, construction, transportation, installation, commissioning, and related tasks. The contract value is approximately 4 billion US dollars (about 28.506 billion yuan), setting a new record for the amount of contracts awarded to Chinese companies for international offshore oil and gas projects. In the first three quarters of this year, CNOOC Engineering achieved a total market contract value of 37.24 billion yuan, representing a year-on-year increase of 124.85%. Of this amount, 29.336 billion yuan came from overseas projects, setting a new record high. As of the end of the third quarter, CNOOC Engineering had total outstanding orders amounting to approximately 59.5 billion yuan, which provided a solid foundation and strong support for the healthy development of the company’s business as well as for its continued expansion in external markets.
The depth of operation for the Bundled Phase 4 project signed this time is 60 to 80 meters. The project will be carried out under a long-term contract framework, and its scope of work is expected to include the construction of new platforms and jackets, the transportation and installation of existing platform modules, the installation of risers and PLEM, the laying of submarine pipelines, as well as platform modifications. The owner confirms, through orders, the workload for offshore delivery of wellhead platforms and submarine pipelines for the years 2027–2029. As the general contractor for the project, CNOOC Engineering provides a comprehensive set of solutions that include project management, detailed design, procurement, construction and transportation, installation, and pre-commissioning. This project is the second offshore engineering EPC project undertaken by CNOOC Engineering for PTTEP. The construction period runs from 2025 to 2029, providing the company with a stable volume of overseas projects during the 15th Five-Year Plan period. It helps the company take more solid steps in implementing its overseas strategy and advancing its international operations, reflecting the company’s ongoing efforts to expand its presence in overseas markets and promote the high-quality development of its foreign business – an important indication of the company’s strategic focus. It is understood that PTTEP is a state-owned energy company in Thailand, primarily engaged in oil exploration and production both within Thailand and internationally. By the end of 2024, the company’s oil and gas production in Thailand accounted for 69% of Thailand’s total production. At present, CNOOC Engineering is actively integrating its advantageous resources and forming an international management team, relying on refined, standardized, and professional management practices to ensure that projects are carried out to high standards and with high quality. In recent years, CNOOC Engineering has focused on the Asia-Pacific market, undertaking various projects such as the development of the MADURA BD gas field in Indonesia, the PEMB single-point mooring project in Brunei, and the decommissioning of the SKL-C platform for CEC Company in Thailand. Its project execution and delivery capabilities have been highly recognized. Next, CNOOC Engineering will take the PIC Phase 4 development EPC project and the PTTEP Bundled Phase 4 EPC project as opportunities to further expand its presence in the Asia-Pacific market. It will work to strengthen its capabilities in undertaking international EPC projects, integrating its domestic experience in standardized design, achievements in digital transformation, and advantages of a complete industrial chain into such projects, thereby contributing Chinese expertise to the development of countries and regions along the Belt and Road Initiative.
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