Abstract
Project development and marketing on large oil and gas projects (LOGPs) by engineering-procurement-construction (EPC) contractors respond to massive capital investment (CAPEX) undertakings by oil and gas industry owners and takes on multi-lateral interactions carried out by a dozen of actors proactively participating in the EPC contractors’ business ecosystem created to remain competitive toward owner companies, which form of project marketing is different from a straight forward contractor – owner interaction found in the other branches of contracting industry. Most of such interactions are based on strategic trust among the relevant members built over decades of heavy win-win transactions.
 This study has found the actors that compose the project development and marketing cycle in LOGPs, explored dominant logics of EPC contractor’s project development and marketing, and analysed how primary actors in LOGP development and implementation co-create strategic values for both the respective corporations, and sustainable overall industry growth.
Highlights
This study addresses project development and marketing by the tier-one global EPC contractors operating in midstreamdownstream, onshore oil and gas projects
The research is first founded on the author (Tanaka)’s employment experience in the global contractor side of the oil and gas industry for 42 years, with 20 relevant project management articles being published in a variety of ways, which provides us with an ethnographic lens for this study, and on review of 60 literature items on project development, project marketing and other theoretical lenses, and oil and gas capital investment industry specific literatures and data in ten domains
On this theoretical foundation of the subject, we have conducted an analytical study for sense-making logics of project development and marketing on large oil and gas projects (LOGPs) by way of finding further evidence, secondary data and Web data such as analysis of tier-one EPC contractors’ project news releases and profiling the recently completed and ongoing EPC joint venture LOGPs to construct the logic, and co-relating qualitatively the factors found to support the logics under construction
Summary
This study addresses project development and marketing by the tier-one global EPC (engineering, procurement and construction) contractors operating in midstreamdownstream, onshore oil and gas projects. The unit of analysis of this research is EPC contractors’ project development and marketing of large oil and gas projects (hereafter referred to as LOGPs) amounting to US $150 million and larger in investment costs. Invest US$ 25 trillion from 2015 to 2040 in development projects which stands at US $1.02 trillion average per year. This expected oil and gas development investment volume has been drastically reduced in 2020 and 2021 due to two reasons: the drastically reduced demand for fuel caused by the prolonged COVID-19 Pandemic and accelerated global policy on energy transition by which oil and gas major companies have frozen a considerable part of oil and gas development spending (as of May 2021). Merrow refers to mega projects in the oil and gas industry as those which are US$ one billion and larger in terms of constant-of-2003 $ terms (Merrow, 2012). According to E&Y report on mega oil and gas projects (E&Y, 2016), 365 mega projects, here with US$1 billion and larger costs too, were counted as of 2016
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