Oil and gas contract activity in Q2 2022 witnessed a decrease in the number of contracts, though overall contracts value was able to maintain a similar level as in Q1 2022. Notable contracts during the quarter in terms of the contract value include Dalian Petrochemical’s $4.67bn contract from Ameer Group for the engineering, procurement and construction (EPC) of the Pakistan State Oil deep conversion oil refinery in Pakistan; Samsung Heavy Industries’ $3bn construction contract for 12-14 liquefied natural gas (LNG) carriers; and Baker Hughes Norge, Halliburton and Schlumberger Norge’s contract for the integrated drilling and well services on Equinor-operated fields, including 18 fixed platforms as well as 12 mobile rigs on the Norwegian Continental Shelf (NCS).

oil gas contract

Upstream sector reported 1,061 contracts during Q2 2022, followed by the midstream and downstream/petrochemical sectors, with 234 and 151 contracts, respectively, during the quarter.

Europe recorded the majority of the contracts, with 470 contracts in Q2 2022, followed by North America and Asia with 363 and 356 contracts, respectively, during the quarter.

Operation and Maintenance (O&M) represented 49% of the total contracts in Q2 2022, followed by procurement scope with 22%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 12%.