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March 21, 2022

Contract activities in midstream segment in Asia-Pacific down 35% in February 2022

By Carmen

The midstream segment contracts in Asia-Pacific registered a decrease of 35% with 24 contracts in February 2022, when compared with the previous month’s total of 37 contracts, according to GlobalData’s oil and gas contracts database.

A total of 24 contracts were registered in the midstream segment of Asia-Pacific during the month, when compared with the last 12-month moving average of 29 contracts.


In terms of the number of contracts in Asia-Pacific, the upstream segment contributed the most with 79 contracts in February 2022, followed by midstream and downstream segments with 24 and 11 contracts, respectively.


Contract award activity in Asia-Pacific’s midstream segment during February 2022

In February 2022, China led the activity with 12 contracts and a 50% share of the midstream oil and gas contracts in Asia-Pacific. It saw a decrease of 33% over the previous month’s total of 18 contracts and an increase of 100% when compared with the last 12 month-average of six contracts in China, followed by South Korea and Japan with three contracts 13% share each.

Based on 12-month moving average of the contracts in the midstream segment of Asia-Pacific, South Korea took the top spot with eight contracts, followed by China and Australia with seven and three contracts, respectively.

Contracts by scope of work in Asia-Pacific’s midstream segment during February 2022

During the month, the majority of midstream segment contracts awarded in the Asia-Pacific were in the procurement with 10 contracts, followed by construction and design & engineering with eight and seven contracts, respectively.

Methodology

All publicly announced contracts are included in this analysis, which is drawn from GlobalData’s oil and gas contracts database that provides insights into awarded and expired contracts globally.

More in-depth reports and analysis on all reported contracts are available for subscribers to GlobalData’s oil and gas database.

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