The number of oil and gas contracts globally declined by 7% in Q3 2022

Source: press release, 24 November 2022

Contracts by scope and count in the oil and gas industry, Q3 2022 (source: GlobalData Oil & Gas Intelligence Center)
Contracts by scope and count in the oil and gas industry, Q3 2022 (source: GlobalData Oil & Gas Intelligence Center)

The overall number of contracts in the oil and gas industry declined by 7% in Q3 2022, decreasing from 1,662 in Q2 2022 to 1,542 in Q3 2022, says GlobalData, a data and analytics company.

According to GlobalData’s latest report, Oil and Gas Industry Contracts Analytics by Sector (Upstream, Midstream and Downstream), Region, Planned and Awarded Contracts and Top Contractors, Q3 2022, the contract value reported an increase, from USD 38.8 billion in Q2 2022 to USD 47.7 billion in Q3.

Pritam Kad, Oil & Gas Analyst at GlobalData, comments, “Keppel Shipyard helped to keep the momentum during Q3 2022 with its two engineering, procurement, and construction (EPC) contracts. Combined, these contracts are worth USD 8.76 billion for the P-80, P-82 and P-83 floating production, storage, and offloading (FPSO), which are destined for Petrobras’ Buzios field in the Santos Basin, Brazil.”

Operation and Maintenance (O&M) represented 53% of the total contracts in Q3 2022, followed by procurement scope, with 24%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, accounting for 12%.

The notable contracts, apart from Keppel Shipyard, includes ADNOC Drilling’s two contracts worth a combined USD 3.4 billion, as well as significant five framework agreements with majors such as Schlumberger, Halliburton, Weatherford, Al Ghaith Oilfield and Al Mansoori Directional Drilling. China Merchants Energy Shipping also registered a key USD 1.81 billion charter contract from Sinochem Petroleum Shipping Singapore for three 175,000 cubic metres (m3) capacity liquified natural gas (LNG) vessels.