Global oil and gas contracts activity witnessed an increase of 27% in reported contract value from 47.38bn in Q3 2022 to $60.36 billion in Q4 2022. However, the number of contracts fell by 14%, from 1,673 in Q3 2022 to 1,443 in Q4 2022. Notable contracts during the quarter include Saipem’s approximately $4.5bn contract from Qatargas for the engineering, procurement, fabrication, and installation of two natural gas compression Complex for the North Field Production Sustainability Offshore Compression Complex Project – EPC 2, offshore north-east coast of Qatar; ADNOC’s three framework agreement worth $4bn with ADNOC Drilling, Schlumberger, and Haliburton for the integrated drilling fluids services (IDFS) for projects in the United Arab Emirates; and Sembcorp Marine’s $3.05bn contract from Petrobras for the Engineering, Procurement, and Construction (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.

The upstream sector reported 1,053 contracts during Q4 2022, followed by the midstream and downstream/petrochemical sectors, with 232 and 187 contracts, respectively, during the quarter.

Europe recorded the majority of the contracts, with 515 contracts in Q4 2022, followed by North America and Asia, with 347 and 323 contracts, respectively, during the quarter Operation and Maintenance (O&M) represented 55% of the total contracts in Q4 2022, followed by procurement scope with 19%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 13%.