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

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, the 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 $38.8 billion in Q2 2022 to $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 $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 drillings’ two contracts worth a combined $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 $1.81 billion charter contract from Sinochem Petroleum Shipping Singapore for three 175,000 cubic meters (m3) capacity Liquified Natural Gas (LNG) vessels.

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