Oil and gas contracts in Europe registered an increase of 33% in February 2022 with 232 contracts, when compared with 174 contracts in the previous month, according to GlobalData’s oil and gas contracts database.

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The activity marked an increase of 7%, when compared with the last 12-month average of 216 contracts.

 

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Contract award activity in Europe during February 2022

Looking at contracts by country, the UK led the activity in February 2022 with 86 contracts representing a 37% share of all the oil and gas contracts, followed by Norway with 79 contracts and a 34% share and Russia with 32 contracts and a 14% share. It saw an increase of 26% over the previous month’s total of 68 contracts and an increase of 18% when compared with the last 12 month-average 73 contracts in the UK.

Based on 12-month moving average, the UK took the top spot with 75 contracts, followed by Norway and Russia with 65 and 28 contracts, respectively.

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Europe’s oil and gas contracts by segment in February 2022

Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 198 contracts in February 2022, followed by midstream and downstream with 14 and five contracts, respectively.

Contracts by scope of work in Europe during February 2022

During February 2022, the majority of the contracts awarded were in the operations & maintenance space with 175 contracts, followed by procurement and design & engineering with 34 and 27 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.