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February 21, 2022

Annual contracts activity rises with improved crude prices and subsiding Covid-19

Annual oil and gas contracts activity rose to 6,263 in 2021, with the majority being reported in Q2 2021.

By GlobalData Energy

Annual oil and gas contracts activity reported an increase of 9% in the number of contracts from 5,750 in 2020 to 6,263 in 2021 and the disclosed contract value reported a substantial increase of 51% from $115.24bn in 2020 to $174.21bn in 2021. Notable contracts that made a significant contribution in terms of the contract value include Chiyoda Corp and Technip Energies joint venture’s $12.242bn EPC work from Qatar Petroleum for over 32MMtpa LNG project, as part of the North Field East Project (NFE) in Qatar, Saudi Aramco’s 16 contracts combined worth $10bn for the subsurface and EPC works for the Jafurah shale gas field development in Saudi Arabia and Yinson Holdings subsidiaries two contracts with Petrobras for the charter, as well as operation and maintenance services for the Integrado Parque das Baleias (IPB) FPSO operating in the North Campos Basin, offshore Brazil.

The majority of contracts were recorded during Q2 2021 and on the disclosed value front, Q4 2021 contributed the most during the year.

The upstream sector reported 4,021 contracts during 2021, followed by downstream/petrochemical and midstream sector with 1,084 and 966 contracts, respectively during the year.

Europe recorded the majority of the contracts, with 2,534 contracts in 2021, followed by Asia and North America with 1,348 and 1,147 contracts, respectively during the year.

Operation and Maintenance (O&M) represented 44% of the total contracts in 2021, followed by contracts with a procurement scope of 20% and multiple scopes such as construction, design and engineering, installation, O&M and procurement, accounted for around 17%.

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