Global oil and gas contracts activity witnessed a decline of 16% in the number of contracts, from 1,401 in the third quarter (Q3) of 2023 to 1,172 in Q4 2023.

At the same time, the quarter witnessed a marginal increase of 5% in combined disclosed value from $46bn in Q3 2023 to $48bn in Q4 2023.

Some of the notable contracts during the quarter included the letter of award (LoA) signed by Tecnimont, Saipem, and National Petroleum Construction Company (NPCC) with Abu Dhabi National Oil Company for contracts worth $8.7bn and $8.2bn, respectively.

Under this LoA, Tecnimont will be responsible for an onshore processing plant comprising two gas processing units, three sulphur recovery sections, associated utilities, off-sites, as well as export pipelines.

Meanwhile, Saipem/NPCC will undertake the engineering, procurement, and construction of four drilling centres and one processing plant to be built on artificial islands, along with various offshore structures, as part of Package 1 for the Hail and Ghasha Development Project in Abu Dhabi, United Arab Emirates.

Oil and gas industry contracts by scope, Q4 2023

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The upstream sector reported 840 contracts during Q4 2023, followed by the downstream/petrochemical and midstream sector with 185 and 172 contracts, respectively, during the quarter.

Europe recorded most of the contracts, with 362 contracts in Q4 2023, followed by North America and Asia with 325 and 280 contracts, respectively, during the quarter.

Operation and maintenance (O&M) represented 54% of the total contracts in Q4 2023, followed by procurement scope with 22%, and contracts with multiple scopes such as construction, design and engineering, installation, O&M, and procurement, which accounted for 13%.