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November 22, 2021

Q3 2021 oil & gas contracts relatively stable with improved prices and energy demand

A fall in contract numbers and a rise in contract value have been observed in the oil and gas sector, with Europe recording the majority of the contracts.

By GlobalData Energy

Oil and gas contract activity in Q3 2021 witnessed a decrease in the number of contracts and an increase in contract value. Some of the notable contracts with value greater than $1bn include Consolidated Contractors’ $2.3bn contract from Chiyoda Corp and Technip Energies joint venture (JV) to set up the key process units necessary for the construction of four LNG trains each with about 8Mtpa capacity, resulting in a total capacity of over 32Mtpa as part of the LNG package of the North Field East Project (NFE) in Qatar, Saipem and Saipem Contracting’s $1.484bn contract from NNPC for the rehabilitation of Warri and Kaduna refineries in Nigeria, China Energy Construction Gezhouba International Company’s $1.09bn contract from Tobago Oil and Gas Energy Group for the LPG storage and transportation project on the west coast of Trinidad and Tobago; and Abu Dhabi National Oil Co (ADNOC) a five-year framework agreements worth up to AED3.67 billion ($1bn) with multiple EPC companies for future concept and Front-End Engineering Design (FEED) services for major projects across its full value chain to support its 2030 strategy in UAE.

 

The upstream sector reported 987 contracts during Q3 2021, followed by the downstream/petrochemical sector and midstream sector with 242 and 188 contracts, respectively, during the quarter.

Europe recorded the majority of the contracts, with 630 contracts in Q3 2021, followed by Asia and North America with 306 and 288 contracts, respectively during the quarter.

Operation and Maintenance (O&M) represented 41% of the total contracts in Q3 2021, followed by a procurement scope with 19% and contracts with multiple scopes such as construction, design and engineering, installation, O&M, and procurement, which accounted for 16%.

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