Spanish engineering firm Tecnicas Reunidas has secured a significant $3.4 billion contract for an upstream oil and gas project in the UAE, according to a filing with the Madrid Stock Exchange. The project will involve the development of upstream facilities, including offshore activities, and will utilize modular-designed main processing units. While the official statement did not disclose the client or specific project name, it confirmed that the Madrid office will lead the five-year project, which is expected to require over 1.2 million engineering hours.
This substantial contract win follows a recent report by MEED, a Dubai-based project intelligence portal, that Abu Dhabi National Oil Company (ADNOC) has awarded $7.5 billion in contracts for the Lower Zakum offshore oil project. While it’s not explicitly confirmed, the timing and value of Tecnicas Reunidas’ contract suggest a possible connection to the Lower Zakum development.