Global oil and gas contracts reported a quarter-on-quarter increase of 13% in total disclosed value in Q1 2026, as compared to Q4 2025. However, the number of contracts decreased by 21% in Q1 2026, as compared to Q4 2025.
Some notable contracts awarded during Q1 2026 include Equinor’s 12 new framework agreements with seven suppliers in four sets intended and complete category for maintenance and modifications work for installations on the Norwegian Continental Shelf (NCS) and onshore plants; Wison Engineering’s Engineering, Procurement and Construction (EPC) contract from ADNOC Gas for the Habshan 7 gas processing train project 6.1 billion cubic feet (bcf) per day capacity in Abu Dhabi, UAE, and Schlumberger’s five-year integrated contract from Kuwait Oil Company for the design, development, and production management for the next stage of Mutriba field development in Kuwait, covering the development of high-pressure, high-temperature reservoirs with sour conditions.
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Operation and maintenance (O&M) represented 49% of the total contracts in Q1 2026, followed by procurement scope with 21%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 13%.
The upstream sector reported 68% of contracts during Q1 2026, followed by the midstream and downstream / petrochemical sectors during the quarter.
Asia recorded most of the contracts, with 34% contracts in Q1 2026, followed by Europe and North America with 27% and 21% contracts, respectively, during the quarter.
Further details can be found in GlobalData’s new report, ‘Q1 2026 Global Oil & Gas Industry Contracts Review: Equinor Boosts Contracts Activity with Multiple Framework Agreements‘.
