{"id":24410,"date":"2023-02-20T10:41:34","date_gmt":"2023-02-20T10:41:34","guid":{"rendered":"https:\/\/www.engineernewsnetwork.com\/blog\/?p=24410"},"modified":"2023-02-20T10:41:35","modified_gmt":"2023-02-20T10:41:35","slug":"oil-and-gas-industry-overall-contract-value-up-by-27-qoq-during-q4-2022","status":"publish","type":"post","link":"https:\/\/www.engineernewsnetwork.com\/blog\/oil-and-gas-industry-overall-contract-value-up-by-27-qoq-during-q4-2022\/","title":{"rendered":"Oil and gas industry overall contract value up by 27% QoQ during Q4 2022"},"content":{"rendered":"\n

The COVID-19 pandemic has had a significant impact on the oil and gas industry, leading to a decline in demand and a drop in oil prices. However, the industry has been recovering since then, with oil prices gradually increasing and demand for energy returning to pre-pandemic levels. Consequently, the overall oil and gas industry contract value saw a significant quarter-on-quarter (QoQ) increase of 27% in Q4 2022, says GlobalData, the data and analytics company.<\/p>\n\n\n\n

GlobalData’s latest report, Oil and Gas Industry Contracts Analytics by Sector (Upstream, Midstream and Downstream), Region, Planned and Awarded Contracts and Top Contractors, Q4 2022<\/a><\/em><\/strong>, shows that the overall contract value increased from $47.38 billion in Q3 2022 to $60.36 billion in Q4 2022. Contract volume, however, decreased from 1,673 in Q3 2022 to 1,443 in Q4 2022.<\/p>\n\n\n\n

Pritam Kad, Oil and Gas Analyst at GlobalData, comments: “The key drivers for the value momentum were Saipem’s $4.5 billion contract from Qatargas for the engineering, procurement, and construction (EPC) of the North Field Production Sustainability Natural Gas Compression Complex Project, offshore north-east coast of Qatar; and ADNOC’s $4 billion framework with ADNOC Drilling, Schlumberger, and Haliburton for the integrated drilling fluids services (IDFS) for projects in the UAE.”<\/p>\n\n\n

\n
\"\"<\/a><\/figure>\n<\/div>\n\n\n

Operations and maintenance (O&M) represented 55% of the total contracts in Q4 2022, followed by procurement with 19%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, accounted for 13%.<\/p>\n\n\n\n

The other notable contracts include Sembcorp Marine’s $3.05 billion contract from Petrobras for the EPC of Floating Production, Storage, and Offloading (FPSO)- P-82 vessel to be deployed on the Buzios field in the pre-salt Santos basin, Brazil; and JGC Holdings, and Samsung Heavy Industries (SHI) consortium’s contract estimated between $2 – $3 billion from Petronas for the Engineering, Procurement, Construction, and Commissioning (EPCC) of nearshore Floating Liquefied Natural Gas (FLNG) plant with an expected capacity of 2 million tonnes per annum (mtpa) in Sabah, Malaysia.<\/p>\n","protected":false},"excerpt":{"rendered":"

The COVID-19 pandemic has had a significant impact on the oil and gas industry, leading to a decline in demand and a drop in oil prices. However, the industry has been recovering since then, with oil prices gradually increasing and demand for energy returning to pre-pandemic levels. 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