The world’s largest oil and gas projects span six continents, yet they share a common purpose. Together, they represent $530.5bn of investment, but the money is flowing less towards new production than the infrastructure needed to process, transport and export it.
Ten of the 20 projects are LNG developments worth a combined $270.1bn. Argentina’s $50bn Sierra Grande Floating LNG Production Plant tops the ranking, while the US contributes four projects led by the $33.5bn CP2 LNG Export Facility. Canada, Mozambique, Russia and Australia also feature prominently. The concentration is hard to ignore. LNG remains one of the few energy sectors capable of attracting investment measured in tens of billions of dollars.
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The same pattern appears in transport infrastructure. Algeria’s $25bn Trans Saharan Gas Pipeline is already in execution, while three hydrogen pipeline projects linking Mauritania, Morocco, Nigeria and Namibia each rank among the world’s largest energy developments. Their commercial prospects will differ, but their scale underlines the growing value attached to moving energy as well as producing it.
Traditional upstream investment has hardly disappeared. The UAE’s $25.351bn Upper Zakum Full Field Development and Brazil’s $20.5bn Buzios Offshore Oil and Gas Field Extension remain among the industry’s largest commitments. Nigeria’s $47bn Ondo refinery and Indonesia’s $24bn Tuban Grass-Root Oil Refinery also show that refining continues to attract major capital where governments want greater control over domestic processing.
Project value, however, tells only half the story. Seven of the 20 projects have already reached execution, including CP2 LNG, Upper Zakum, the Trans Saharan Gas Pipeline, Plaquemines LNG Facility, the Murmansk Gas Liquefaction Plant, Yamal Arctic LNG Plant II and the Buzios extension. The remainder are still moving through planning or pre-execution, where financing, permitting and commercial agreements will determine whether ambition becomes construction.
The ranking is often read as a league table. It works better as a map of investment priorities. The largest commitments are clustering around assets that give producers access to markets, extend the life of established fields and strengthen energy trade. In the current cycle, control over how energy moves is attracting almost as much capital as the resources themselves.
Extracted and interpreted from a GlobalData report and project-tracking data. Figures and examples cited are attributed to GlobalData’s project pipeline insights.
To access the full report, visit the GlobalData Construction Intelligence Centre: www.globaldata.com/industries/construction.
