Expert with consultant Wood-Mackenzie sees shutdown becoming "far more than an energy crisis," as contractor McDermott International sees growth in regional infrastructure rebuilding
Shutdown of shipping through Persian Gulf is "far more than an energy crisis,” says Wood-Mackenzie analysis—as contractor McDermott International sees growth in region infrastructure restoration work.
Atlantic Canada $10.25B offshore oil drilling project awards Euro drilling firm detailed engineering award—as its integration deal is months away from closing.with Italy-based EPC giant that despite the current Gulf conflict, reports "strong progress" on all its Middle East projects and $1.3B in Q1 revenue in the region.
The 645-mile pipeline, dubbed "Keystone Light" in reference to Keystone XL line cancelled in 2021 after former President Joe Biden revoked its US permit, would move up to 550,000 barrels per day of Canadian crude into American markets
The Trump permit enables construction of a 645-mile Canada-to-Wyoming crude pipeline connecting to one in Alberta, but challenges from environmental groups as well as further state and federal reviews are still ahead.
Damage to the key pipeline seen as an alternative route to the Strait of Hormuz further curtails Saudi Arabia's ability to deliver oil to the global market.
Saudi Arabia can push 7 million barrels a day through the Petroline. Its export terminal can load less than half that. The gap was seemingly always the plan.
The escalating regional conflict has already slowed or paused numerous energy and infrastructure projects in the region, but global construction firms are mum on the extent of damage, work shutdowns or supply chain interruptions.
Top 400 Contractors say cracks in consumer confidence are becoming more evident as owners cancel some projects and pause others amid confusion over the Trump administration’s “America First” agenda.
Selection last month of Fluor Corp. and JGC Corp. as front-end engineering and design contractor for Phase 2 of the massive 14-million-ton-per-day liquefied natural gas export terminal in British Columbia was a hopeful sign to the sector of final investment decision to build that companion.