Global oil and gas contracts activity witnessed an increase of 60% on the contract value front from $35.4bn in Q1 2023 to $56.72bn in Q2 2023, in addition to a 23% decrease in the number of contracts, from 1,625 in Q1 2023 to 1,256 in Q2 2023.

Notable contracts during the quarter include Technip Energies and Consolidated Contractors Company (CCC) joint venture’s landmark $10bn EPCC contract from QatarEnergy to build two mega LNG trains and associated facilities in Qatar’s North Field South (NFS) project. Hyundai Engineering & Construction’s two lump-sum turn-key contracts worth approximately $5bn from Saudi Aramco and TotalEnergies, covering the detailed design, Engineering, Procurement, and Construction (EPC) for a Mixed Feed Cracker (MFC) and Utilities, Flares & Interconnecting facilities at the Amiral petrochemicals facility expansion in Jubail Industrial City, Saudi Arabia; and Maire Tecnimont subsidiaries two lump-sum turnkey contracts worth around $2bn from Saudi Aramco and TotalEnergies for the EPC of Derivatives units and High-Density Polyethylene (HDPE) units at the Amiral petrochemicals facility expansion in Jubail Industrial City, Saudi Arabia.

The upstream sector reported 932 contracts during Q2 2023, followed by the downstream/petrochemical sector and midstream sector with 191 and 164 contracts, respectively, during the quarter.

Europe recorded most of the contracts, with 383 contracts in Q2 2023, followed by North America and Asia with 356 and 277 contracts, respectively during the quarter.

Operation and maintenance (O&M) represented 54% of the total contracts in Q2 2023, followed by procurement scope with 18%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 11%.

Further details of can be found in GlobalData’s new report, Oil and Gas Industry Contracts Analytics by Region, Sector (Upstream, Midstream and Downstream), Planned and Awarded Contracts and Top Contractors, Q2 2023.