L&T Wins USD1.6 Billion Order from Saudi Arabia to Develop Hasbah Offshore Gas Field

Saudi Arabia:  L&T Hydrocarbon, a wholly owned subsidiary of Larsen & Toubro, has acquired an order worth USD1.6 billion to develop second phase of Hasbah offshore gas field in Saudi Arabia. This order would proceed in three to three-and-half years and would help the parent company Larsen & Toubro to achieve the target of 15% increase in order inflow this fiscal year from Middle East region including Saudi Arabia.

TechSci Research depicts that the takeover of the Hasbah offshore gas field in Saudi Arabia for development would create the demand for natural gas compressor in the kingdom. Moreover, increasing upstream, midstream and downstream applications, expanding city gas distribution and replacement of aging compressors are some of the other major factors expected to boost the global natural gas compressors market during 2016-2021. With growing technological advancements in the recovery of natural gas through unconventional means, which include shale gas, synthetic coal-to-gas, coalbed methane and tight gas, huge demand for natural gas compressors is anticipated to be registered across the globe over the next five years.

According to a recent report published by TechSci Research, “Global Natural Gas Compressors Market By Technology, By Application, By Region, Competition Forecast and Opportunities, 2011 - 2021”, the global natural gas compressors market is anticipated to cross USD5.5 billion by 2021. On the basis of technology, natural gas compressors are segmented into two categories - positive displacement compressors and dynamic compressors. Among these categories, positive displacement compressors form the most preferred natural gas compressors category, predominantly due to their low cost and increasing use in gas gathering and processing. However, in the recent years, majority of the upstream and midstream companies are inclining towards dynamic compressors due their higher efficiency and low maintenance compared to positive displacement compressors.