{"id":25041,"date":"2023-05-09T09:30:00","date_gmt":"2023-05-09T08:30:00","guid":{"rendered":"https:\/\/www.engineernewsnetwork.com\/blog\/?p=25041"},"modified":"2023-05-09T11:15:14","modified_gmt":"2023-05-09T10:15:14","slug":"oil-and-gas-industry-overall-contract-value-plunges-by-48-in-q1-2023","status":"publish","type":"post","link":"https:\/\/www.engineernewsnetwork.com\/blog\/oil-and-gas-industry-overall-contract-value-plunges-by-48-in-q1-2023\/","title":{"rendered":"Oil and gas industry overall contract value plunges by 48% in Q1 2023"},"content":{"rendered":"\n

With rising inflation and an increasing capital cost borrowing environment posing challenges for upcoming oil and gas projects, the overall oil and gas industry’s disclosed contract value saw a significant quarter-on-quarter (QoQ) decrease of 48% in Q1 2023, 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, Q1 2023<\/a><\/em><\/strong>, shows that the overall contract value decreased from $64.9 billion in Q4 2022 to $34.01 billion in Q1 2023. The contract volume also decreased from 1,623 in Q4 2022 to 1,440 in Q1 2023.<\/p>\n\n\n\n

Pritam Kad, Oil and Gas Analyst at GlobalData, comments: “It appears the contract value momentum has slowed down due to high-interest rates and a rising inflationary environment in the major economies. This could have potentially resulted in fewer high-value contracts during the quarter in the oil and gas space.”<\/p>\n\n\n\n

PR Chart.jpeg<\/p>\n\n\n

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

Operation and Maintenance (O&M) segment represented 57% of the total contracts in Q1 2023, followed by procurement scope with 17%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 14%.<\/p>\n\n\n\n

Some of the notable contracts during the quarter include a 15-year contract extension worth approximately $5.3 billion secured by Yinson Holdings subsidiaries for charter and operation and maintenance (O&M) services of Agogo Floating, Production, Storage, and Offloading (FPSO) in Angola; and a five-year contract worth approximately $2.6 billion won by ADNOC Logistics & Services for integrated logistics services for ADNOC Offshore in the United Arab Emirates (UAE).<\/p>\n\n\n\n

The other major contract was DL E&C’s $1.6 billion contract with Hyundai Engineering & Construction led consortium comprising Hyundai Engineering and Lotte Engineering & Construction for the construction of Thermal Crude to Chemicals (TC2C) facilities and an interconnection package for S-Oil’s Shaheen ethylene and propylene project in Ulsan, South Korea.<\/p>\n","protected":false},"excerpt":{"rendered":"

With rising inflation and an increasing capital cost borrowing environment posing challenges for upcoming oil and gas projects, the overall oil and gas industry’s disclosed contract value saw a significant quarter-on-quarter (QoQ) decrease of 48% in Q1 2023, says GlobalData, the data and analytics company. GlobalData’s latest report, Oil and Gas Industry Contracts Analytics by …<\/p>\n","protected":false},"author":1,"featured_media":25042,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[199,106],"tags":[162,246,161],"class_list":["post-25041","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news-views-and-opinion","category-oil-gas","tag-gas","tag-globaldata","tag-oil"],"yoast_head":"\nOil and gas industry overall contract value plunges by 48% in Q1 2023 - Engineer News Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.engineernewsnetwork.com\/blog\/oil-and-gas-industry-overall-contract-value-plunges-by-48-in-q1-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil and gas industry overall contract value plunges by 48% in Q1 2023 - Engineer News Network\" \/>\n<meta property=\"og:description\" content=\"With rising inflation and an increasing capital cost borrowing environment posing challenges for upcoming oil and gas projects, the overall oil and gas industry’s disclosed contract value saw a significant quarter-on-quarter (QoQ) decrease of 48% in Q1 2023, says GlobalData, the data and analytics company. 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