en.Wedoany.com Reported - On July 23, the Thailand PTTEP Bundled Phase 4 (BUN4) offshore oil and gas EPCI project, contracted by COOEC, officially commenced construction at the Tianjin Intelligent Manufacturing Base. The project contract value is approximately $800 million (about 5.688 billion RMB), setting a new record for the highest contract amount signed by Chinese enterprises in Southeast Asia's offshore oil and gas EPCI projects.
This project is a core component of Thailand's PTTEP $33.3 billion energy investment plan over the next five years. Adopting a long-term agreement model, it will be delivered offshore in phases from 2027 to 2029. As the main contractor, COOEC is fully responsible for the entire EPCI process, encompassing integrated engineering services such as the construction of new platforms and jackets, modification of existing facilities, laying of subsea pipelines, installation of risers, and subsea termination manifolds. Moreover, the actual scope of work has been expanded compared to the signed contract, with the project scale expected to continue growing.
The core reason behind Thailand awarding this major order to a Chinese enterprise, bypassing high-priced European and American contractors, aligns with Thailand's urgent energy development needs. Currently, production from aging oil and gas fields in the Gulf of Thailand is declining, driving development toward deepwater high-tech areas, while simultaneously facing pressure from carbon neutrality transitions and the implementation of CCS low-carbon projects. COOEC, with its full-chain cost advantages, mature technical implementation capabilities, and stable cross-border performance record, perfectly matches PTTEP's triple strategic demands of cost control and efficiency enhancement, technological transformation, and global expansion.
As a benchmark project for China's offshore engineering sector's deep penetration into Southeast Asia, the BUN4 project features stringent construction standards, intensive delivery schedules, and significant deepwater construction challenges. Leveraging modular manufacturing and digital progress management, COOEC has shortened the project delivery cycle by over 15%, while assembling an international professional team to ensure high-quality project advancement through standardized and refined management.
Having deeply cultivated the Asia-Pacific market for years, COOEC has successfully delivered high-quality overseas projects such as the Zawtika gas field in Myanmar. Concurrently, the company has also secured a $4 billion mega EPC single contract from QatarEnergy, setting a new record for the highest single-project value in the company's history. From Southeast Asia to the Middle East, COOEC, with its core EPCI full-industry-chain capabilities, continues to polish the brand of China's offshore engineering sector and accelerate its transformation into a world-class international offshore engineering contractor.
