The upstream oil and gas engineering and construction (E&C) market is poised for a remarkable increase in spending, with a projected 16% surge to $92 billion this year versus 2022.

Analysis reveals that about one-fifth of this increase is credited to the Middle East, signalling its rapid ascent as the fastest-growing region in the E&C sector, with North America continuing to reign as the largest regional market, accounting for 28% of anticipated E&C spending this year.