Oil and gas contract activity in Q4 2021 witnessed a substantial increase in contract value, though a decrease in the overall number of contracts. Notable contracts that made a significant contribution in terms of the contract value includes Saudi Aramco’s 16 contracts combined worth $10bn for subsurface and Engineering, Procurement, and Construction (EPC) works for the development of the Jafurah shale gas field in Saudi Arabia and Yinson Holdings’ subsidiaries two contracts with Petrobras for the charter and operation and maintenance services for the Integrado Parque das Baleias (IPB) Floating, Production, Storage, and Offloading (FPSO) vessel operating in the North Campos Basin, offshore Brazil.
The upstream sector reported 943 contracts during Q4 2021, followed by the downstream/petrochemical sector and midstream sector with 213 and 199 contracts, respectively, during the quarter.
Europe recorded the majority of the contracts, with 553 contracts in Q4 2021, followed by North America and Asia with 278 and 261 contracts, respectively, during the quarter.
Operation and Maintenance (O&M) represented 48% of the total contracts in Q4 2021, followed by procurement scope with 19%, and contracts with multiple scopes such as construction, design and engineering, installation, O&M and procurement, which accounted for 17%.
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