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Global Oil, Gas Contract Activity Sees Decrease, GlobalData Says
Global oil and gas contract activity saw a 35 percent quarter on quarter decrease in total disclosed value, from $55.3 billion in the second quarter to $35.7 billion in the third quarter.
That’s what GlobalData stated in a release sent to Rigzone recently, adding that, “despite this, steady contract volumes, particularly in the Middle East, were driven by substantial projects”. GlobalData highlighted in the release that its latest report on oil and gas industry contracts revealed that overall contract volume “remained relatively stable, with 1,519 contracts in Q3 2024 compared to 1,546 in Q2 2024”.
A chart showing oil and gas industry contracts by scope in the third quarter, which was included in the release, showed that, during the period, there were 687 contracts with an operations and maintenance focus, 494 contracts with a procurement focus, and 157 contracts with multiple scopes.
Notable contracts awarded during Q3 include Bechtel Energy’s approximately $4.3 billion lump-sum turnkey EPC contract for Train 4 and related infrastructure at the Rio Grande Liquefied Natural Gas (LNG) export project in the Port of Brownsville, Texas, the release stated.
GlobalData’s release also noted that Saipem “made significant contributions with several key contracts such as the $4 billion agreement with QatarEnergy LNG for the North Field offshore compression program in Qatar”.
GlobalData also highlighted in the release that Saipem “secured a $2 billion contract from Saudi Aramco for the EPCI of wellhead platform topsides, jackets, tie-in platforms, rigid flowlines, submarine composite cables, and fiber optic cables for the Marjan field in Saudi Arabia” and pointed out that it “further it received two contracts overall valued approximately $1 billion for the EPCI of jackets, production deck modules, subsea pipelines (both rigid and flexible), and subsea power cables for the Marjan, Zuluf, and Safaniyah fields in Saudi Arabia”.
In the release, Pritam Kad, an oil and gas analyst at GlobalData, said, “contract activity in the Middle East has provided little stability, helping to offset the overall value decline”.
“This is driven by Saipem’s $4 billion contract from QatarEnergy LNG for the North Field offshore compression program in Qatar and significant contracts worth over $3 billion from Saudi Aramco for Engineering, Procurement, Construction, and Installation (EPCI) work on the Zuluf, Safaniyah, and Marjan field development projects in Saudi Arabia,” Kad added.
“The surge in large-scale offshore and subsea projects, particularly in the Middle East, underscores the continued emphasis on expanding energy infrastructure to meet rising demand,” Kad continued.
“As companies secure high-value contracts across key oilfields, the sector is not only reinforcing its strategic partnerships but also positioning itself to support long-term growth in energy production, with an increasing focus on sustainability and technological innovation in project execution,” Kad went on to state.
In a release sent to Rigzone by the GlobalData team back in August, GlobalData said global oil and gas contract activity “received a boost from Petrobras’ key upstream contracts in the second quarter of 2024”.
“The industry witnessed a notable 47 percent quarter on quarter increase in total disclosed value to reach $54.91 billion in Q2 2024 from $37.3 billion in Q1,” GlobalData added.
In that release, GlobalData highlighted that its latest oil and gas contract activity report at the time showed that “overall oil and gas contracts volume decreased marginally from 1,473 in Q1 2024 to 1,377 in Q2 2024”.
Kad noted in this release that “Petrobras’ monumental awards, including the $8.15 billion P-84 and P-85 FPSO construction contract to Seatrium, the $1.8 billion contract for subsea engineering to the Sapura consortium, and an additional $2.5 billion for pipelay vessels, rigid risers, and flowlines contracts to Subsea 7, were the driving forces behind the surge in the overall oil and gas contracts value”.
In a release sent to Rigzone by the GlobalData team in November 2023, GlobalData said the oil and gas industry’s overall disclosed contract value witnessed a quarter on quarter decrease of 26 percent in Q3 2023.
That release pointed out that the company’s latest contract activity report at the time showed that overall contract value decreased from $57.4 billion in Q2 2023 to $42.6 billion in Q3 2023.
“At the same time, the contract volume also saw a drop from 1,425 in Q2 2023 to 1,128 in Q3 2023,” GlobalData noted in that release.
To contact the author, email andreas.exarheas@rigzone.com
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