Oil and gas contract value remains robust despite volume decline in Q4 2024
Global oil and gas contract activity experienced a 15% quarter-on-quarter decrease in the total number of contracts, from 1,596 in the third quarter (Q3) of 2024 to 1,353 in Q4 2024. Despite this dip in volume, the overall contract value saw strong growth, with $39.2bn in Q4 2024 compared to $38.8bn in Q3 2024.
Some notable contracts awarded during Q4 2024 include a significant $4bn engineering, procurement, and construction (EPC) contract awarded to Tecnicas Reunidas (51%) and Sinopec Engineering (49%) replacing its previous joint venture partner Samsung Engineering for a five million tonnes per annum new deep conversion oil refinery in Algeria’s Hassi Messaoud region. Another major contract included Bram Offshore and Starnav Servicos Maritimos’ $2.74bn construction and charter contract from Petrobras for 12 platform supply vessels. Additionally, JGC Indonesia secured a $2.4bn lump-sum turnkey EPC contract from BP Berau for onshore compression facilities at the Tangguh liquified natural gas plant in Papua Barat Province, Indonesia, and a $1.9bn contract awarded by TotalEnergies EP Suriname to Saipem Offshore for the EPC, supply, precommissioning, and commissioning assistance for the Subsea Umbilicals, Risers, and Flowlines package for the GranMorgu project in Suriname.
The upstream sector reported 941 contracts during Q3-Q4 2024, followed by the downstream/petrochemical and midstream sectors with 258 and 176 contracts during the quarter.
Asia recorded most of the contracts, with 511 contracts in Q4 2024, followed by Europe and North America with 352 and 310 contracts, respectively, during the quarter.
Operation and maintenance (O&M) represented 50% of the total contracts in Q4 2024, followed by procurement scope with 30%, and contracts with multiple scopes such as construction, design and engineering, installation, O&M, and procurement, which accounted for 10%. Further details can be found in leading data and analytics company GlobalData’s new report, Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q4 2024.
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