The awarding of major Engineering, Procurement, and Construction (EPC) and Front-End Engineering Design (FEED) contracts this year has set the stage for a significant increase in industry spend and opportunities for equipment suppliers. Let’s dive into some of notable contracts, trends, and what they signal for the future.
Key EPC and FEED contracts awarded in 2024
Among the most significant contracts awarded this year, several stand out due to their scale, innovation, and impact on the CCS landscape.
- Humber Zero Carbon Capture Project (UK)
- Client: VPI
- Contractor: Worley
- Project Type: EPC
- Completion Date: December 2028
This project is a cornerstone of the UK’s ambitious plan to achieve net-zero emissions. The Humber project involves the development of a carbon capture facility designed to significantly reduce CO2 emissions from one of the UK’s largest industrial regions. With a hefty price tag of $300 million, this project is one of the largest CCS contracts awarded this year, highlighting the UK’s commitment to leading the way in CCS technology.
- Louisiana Carbon Capture & Sequestration Project (USA)
- Client: ExxonMobil
- Contractors: Turner Industries, Technip Energies
- Project Type: EPC
- Completion Date: December 2025
ExxonMobil’s project in Louisiana is another flagship CCS initiative aimed at reducing the carbon footprint of its operations in the Gulf Coast. This project reflects the growing trend of energy giants in the U.S. investing heavily in CCS technologies, not just as a compliance measure but as a strategic investment in the future of energy.
- Aramis CCS Project CO2 Injection Platform (Netherlands)
- Clients: Total Energies, Gasunie, Shell, EBN
- Contractor: Petrofac
- Project Type: FEED
- Completion Date: August 2025
The Aramis project is a collaborative effort among some of the biggest names in the energy sector. This project is part of the broader European push towards creating an integrated CCS network that can serve multiple industrial sites across the continent.
Industry spend & trends
The awarded contracts this year suggest that CCS is no longer a niche technology but is becoming mainstream, particularly in regions like North America and Europe. The industry is expected to see a significant increase in spend over the coming years, driven by the need for cleaner energy and the pressure to meet stringent emissions targets. The data from EPCIntel.com highlights that companies are not just planning but actively investing in CCS infrastructure, with billions of dollars earmarked for future projects.
For more data sign up on EPIntel.com for access to the EPC contract database.
Opportunities for equipment suppliers
For equipment suppliers, these trends translate into substantial opportunities. The growing demand for CCS technology requires a wide range of specialized equipment, from CO2 capture units to storage and transportation systems. Suppliers who can offer innovative solutions that improve efficiency and reduce costs will be well-positioned to capitalize on this expanding market.
Moreover, the complexity of CCS projects means that there is a significant demand for advanced engineering and technological expertise. This opens up additional avenues for collaboration between equipment suppliers and contractors to develop cutting-edge solutions tailored to the unique challenges of CCS.
More high-value EPC and FEED contracts coming
2024 is proving to be a landmark year for the CCS industry, with several high-value EPC and FEED contracts paving the way for large-scale carbon capture projects. As the energy sector continues to pivot towards sustainability, the role of CCS will only grow, offering numerous opportunities for suppliers and contractors alike. With the right strategies, companies in the CCS supply chain can secure their place in this rapidly evolving industry.
Image by HumberZero.
