The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest oil and gas construction projects initiated globally in Q3 2024, according to GlobalData’s construction projects database.
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1. Zhoushan High-End New Material Plant
The project involves the construction of a refining and chemical integration project in Daishan county, Zhoushan, Zhejiang, China.
Construction work started in Q3 2024 and is expected to be completed in Q3 2029.
The project aims to increase the plant’s capacity to meet the growing demand for oil and fuels in the region. Buy the profile here.
2. Amigo LNG Terminal Development
The project involves the construction of an LNG terminal with a processing capacity of 7.8MTPA in Guaymas, Sonora, Mexico.
Construction work commenced in Q3 2024 and is expected to finish in Q2 2026.
3. Santos Basin Oil Field Development
The project involves the development of an oil and gas field in Santos Basin pre-salt, offshore Brazil.
Construction work started in Q3 2024 and is forecast to complete in Q4 2027.
The main objective of the project is to enhance oil and gas production potentials in Brazil and to improve the environmental conditions by eliminating flaring. Buy the profile here.
4. Oleoducto Vaca Muerta Sur
The project involves the laying of a 700km oil pipeline with a 60,000M3/day transport capacity, equivalent to 372,000BPD between Añelo Municipality in Neuquén province, at the port of Punta Colorada in Río Negro Province, Argentina.
Construction work commenced in Q3 2024 and is expected to be completed in Q4 2033.
The project’s main objective is to increase the oil transportation capacity and meet the growing demand in the region. Buy the profile here.
5. Stade LNG Import Terminal Development
The project involves the construction of a LNG terminal at the Stade Industrial Park situated on the banks of Elbe River, Lower Saxony, Germany.
Construction work started in Q3 2024 and is expected to be completed in Q4 2027.
For more details on the latest construction projects, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
