France-headquartered Technip Energies (T.EN), which specialises in engineering and technology for the energy sector, announced significant progress on Qatar’s North Field East (NFE) project, with construction of the first train over 50 percent complete and first systems energised, the company said in its first half 2024 results presentation.

In October 2021, CTJV, a joint venture between Chiyoda Corporation and Technip Energies was awarded a major Engineering, Procurement, Construction and Commissioning (EPCC) contract by Qatar Energy for 4 mega trains, each with a capacity of 8 million tonnes per annum (Mtpa) of Liquefied Natural Gas (LNG) for the North Field East Project (NFE).

In May 2023, the T.ENCCC JV, the company’s joint venture with Consolidated Contractors Company (CCC) was awarded a major EPCC contract by QatarEnergy for 2 LNG mega trains, each with a capacity of 8 Mtpa for North Field South Project (NFS).

The ramp-up of LNG projects in Qatar was a key contributor to the Euronext Paris-listed company’s strong first half 2024 financial performance on the project delivery side as revenue climbed 16 percent year-over-year to €2,210 million compared to €2,210 million in the previous year, according to the presentation.

Other project delivery highlights for the Middle East included the successful attainment of contracted capacity for Egypt’s Middle East Oil Refinery (MIDOR) expansion project and the start-up of the fuel gas treatment unit and hydrogen plant at the Bapco Refinery Expansion project in Bahrain.

Order intake in projects reached €2.7 billion in the second quarter of 2024, driven primarily by the Ruwais LNG Project in Abu Dhabi and the Marsa LNG Project in Oman, both of which are low-carbon LNG projects powered by electricity.

The second quarter LNG project awards raised Technip Energies' project delivery business backlog by 8 percent from €13,884 million at the end of financial year 2023 to €15,005 million in the first half of 2024, according to the presentation.

With LNG projects exceeding 60 Mtpa capacity currently under execution, the company has forecasted a commercial project pipeline worth more than €30 billion through the end of 2026 across East Africa, the Americas, and the Middle East. Project activity will be driven by low-to-zero carbon LNG plants as well as brownfield decarbonisation and debottlenecking initiatives.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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