On October 21, China Offshore Oil Engineering Co., Ltd. (hereinafter referred to as “COOEC”) issued the “Progress Announcement on Contract Signing for Awarded Projects”.
The announcement revealed that COOEC and QatarEnergy have officially signed a BH EPC contract. The contract covers BH-EPIC 1 and BH-EPIC 2, encompassing EPC scope including management, detailed design, procurement, construction, transportation, installation, and commissioning.
Under the announcement, the project contract is valued at approximately US$4 billion (equivalent to approximately RMB 28.5 billion at current exchange rates). The contract will take effect in October 2025, with an anticipated completion date of June 2031, featuring multiple intermediate milestones throughout the period.
The project is located in the Bul Hanine (BH) oil field in Qatar’s Persian Gulf waters, approximately 100 kilometers east of Qatar’s coastline, with a maximum water depth of approximately 40 meters. The project scope includes the design, procurement, construction, transportation, installation, and commissioning of over 60 individual offshore oil and gas facilities and 40 subsea pipelines and cables, as well as the retrofitting of existing platforms and decommissioning of abandoned platforms. With over 130,000 metric tons of steel processed, the project sets records for both the breadth of business categories and the complexity of work involved.
COOEC previously stated that QatarEnergy’s BH EPC project represents the company’s latest offshore oil and gas field construction contract in Qatar, following projects such as NFA, NFPS COMP2ISND5-2, and RUYA. The signing of this contract will positively impact the company’s future performance and marks a major breakthrough in the deepening implementation of its Middle East strategy.
According to previous reports, on August 30, COOEC announced that it had successfully won two contracts for Qatar’s BH project, with a total value of approximately US$4 billion. This achievement set a new record for the largest contract value secured by a Chinese company for an offshore oil and gas engineering project in the Middle East region.
On October 13th, the kick-off meeting for the EPC project was held in Tianjin and Singapore, marking the full-scale launch of this international offshore oil and gas engineering EPC contracting project—secured by a Chinese enterprise with the largest contract value to date. This project holds significant importance for advancing the high-quality development of international oil and gas cooperation under the Belt and Road Initiative.
QatarEnergy is a wholly state-owned company in Qatar responsible for the development of the country’s oil and gas industry. Its business covers the entire oil and gas value chain, including the exploration, production, processing, marketing and sales of oil and gas, LNG, natural gas liquids (NGL), gas-to-liquids (GTL) products, refined products, chemicals, fertilizers, steel and aluminum.