L&T Hydrocarbon Secures Major Offshore Project in the Middle East
In a major win, Larsen & Toubro’s hydrocarbon business, L&T Energy Hydrocarbon (LTEH), has bagged offshore project orders totaling a whopping Rs 15,000 crore in the Middle East. The prestigious contract involves the comprehensive development of a large offshore platform seamlessly integrated with existing facilities, signaling a significant milestone for L&T in global offshore project execution. The undisclosed client’s nod to this mega order underscores L&T’s prowess and its commitment to expanding its footprint in the strategically vital Middle East region. This accomplishment solidifies L&T’s position as a key player in the hydrocarbon industry, with a focus on excellence, innovation, and global recognition.
Global Oil and Gas Contract Activity Surges to Record Highs
The global oil and gas sector has observed a substantial boost in contract value, jumping from $35.4 billion in Q1 2023 to an impressive $56.7 billion in Q2 2023, primarily fueled by significant contract activities in the Middle East. This surge was propelled by a groundbreaking $10 billion joint venture contract between Technip Energies and Consolidated Contractors Company (CCC) for Qatar’s North Field South (NFS) LNG project. The data also reveals that Operation and Maintenance (O&M) contracts constitute 54% of the total, while procurement contracts comprise 18%. This remarkable increase signifies the industry’s vitality and commitment to advancing energy infrastructure.
Meta, Qualcomm sign pact on custom virtual reality chips
Meta Platforms Inc (META.O) signed an agreement to have chip-maker Qualcomm Inc (QCOM.O) produce custom chipsets for its Quest virtual reality (VR) devices, the companies announced at a consumer electronics conference in Berlin on Friday.
