Oil and Gas Industry Report - Gulf Cooperation Council Countries This report includes: -) Main Market Features and Trends -) CAPEX Trends in the GCC -) Industry Structure and Contractors' Access Route to Project Opportunities -) Top Ten EPC Contractors -) Projects Listed by Contractor and Country

1. GULF COOPERATION
COUNCIL (GCC) COUNTRIES
Oil & Gas Industry Report
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2. Disclaimer
The author, Amir H. Azadehnia, does hereby certify that, to the best of his
knowledge, the views and opinions in this research report reflect his personal
views about the companies named. He has not received direct or indirect
compensation from such companies in return for expressing specific viewpoints
in this report.
Copyright 2012, Amir H. Azadehnia. All rights reserved.
This presentation is based on information which the author believes is reliable,
but the author does not represent or warrant its accuracy. The opinions and
estimates expressed here represent the views of the author as of the date of
this report. These opinions and estimates may be subject to change without
notice. The author will not be responsible for any consequences associated with
reliance on any statement or opinion contained here.

3. Oil & Gas Industry in the GCC
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Main Features & Trends
• Shaped by local government economic policies
• Managed and controlled by National Oil Companies - often with high interest in
the local content
• In the mid-term, driven by downstream refining & petrochemical mega projects
in KSA & UAE (80% of the regional CAPEX)
• Planned investment of $230 bn in greenfield projects by 2016
• Plant upgrading projects (e.g. refinery revamps in KSA & Kuwait, RasGas, EOR
in Oman…)
• 2012 investment estimated at $80 bn (80% invested in downstream)
• Sustained growth expected in downstream by 2020
• Delays vs. announced plans are commonplace, specially in Kuwait and KSA

4. GCC CAPEX Trends
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0 40 80 120 160 200 240
2009
2010
2011
2012 (planned EPC)
2013-16 (planned EPC)
US$ billion
KSA Kuwait Qatar UAE Oman

5. Industry Structure and Contractor Project
Access
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Access Point Pros Cons
National Oil
Company (NOC)
Direct contract with the project
owner/operator
EPC set up in all major projects
Needs financing & taking high
risks
Contractor Access to opportunities with
significant financial and qualification
requirements
Subcontracting
Secondary Project
Access Point
National Oil
Companies & their
Subsidiaries
Managing
/PM
Contractors
FEED
Contractors
EPC
Contractors
International
Partners (IOCs)
Primary Project
Access Point

6. Top Middle East EPC Contractors
Saipem
Petrofac
Samsung Engineering
Technip
Flour
KBR
CB&I
Hyundai E&C
Jacob’s Engineering
Foster Wheeler
Worley Parsons
Technicas Reunidas
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JGC Corp
Bechtel
SK E&C
Wood Group
Larsen and Toubro
CH2MHill
Punj Lloyd
GS Engineering
Daelim Industrial
Uhde
Chiyoda
Mott MacDonald

7. Some of the Projects in Progress by EPC Contractor
Contractor Projects
Saipem In KSA: Wasit Gas Program (Aramco), Rub al-Khali Gas Field (Aramco-Shell),
Safco V Urea (Safco), Rabigh II Refinery (Aramco-Sumitomo)
In UAE: Shah Gas Field Development (ADNOC)
In Kuwait: Jurassic Oil Field Development (Kharafi National), Gas Booster BS
171 (KOC)
KBR In KSA: Yanbu Export Refinery (Aramco-Sinopec), Ras Tanura Integrated
Refinery & Petrochemical (Aramco-Dow), Jazan Refinery & Terminal (Aramco)
In UAE: Integrated Gas Development (Gasco), Das Island (Adgas)
Petrofac In KSA: Rabigh II Refinery (Aramco-Sumitomo)
In UAE: Asab Full Development (ADCO), Sajaa Gas Plant (Sharja National Oil
Corp)
In Qatar and Kuwait: Gas Sweetening (Qatar Petroleum), Oil & Gas Pipeline
and Water Injection (Kuwait)
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8. Some of the Projects in Progress by Country
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Country Total Projects
in Progress
CAPEX (bn $)
Projects
Horizon
Project Owners/Operators Project Contractors
UAE 69 by 2018 Takreer, ADCO, ADNOC,
ZADCO, GASCO, ADGAS, ADM-
OPOC, Sharja National Oil Corp
Samsung Engineering, Saipem,
SK Engineering & Construction,
JEC, Foster Wheeler, Technicas
Reunidas, JGC, Flour, Bechtel,
Jacobs, Larsen & Toubro
Oman 27 by 2017 PDO, PDO-BP, Oman Oil
Company, Oman Oil Refinery
Company
CB&I, Worley Parsons, Technicas
Reunidas, Hyundai, JP Kenny,
Wood Group
Kuwait 42 by 2020 Kuwait Petroleum Corp, Kuwait
Oil Company, Kuwait National
Petroleum Company, Kharafi
National
Saipem, AMEC, Flour, Petrofac,
Technip, JGC, GS
Qatar 27 by 2016 Qatar Petroleum, Qatar Gas,
Qatar Petrochemical Company
Chiyoda, JGC, Technip, Hyundai,
Flour, CTCI