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  1. Market Data
July 14, 2022

Oil and gas contracts in Europe down 26% in June 2022

By Carmen

Oil and gas contracts in Europe registered a decrease of 26% in June 2022 with 134 contracts, when compared with 180 contracts in the previous month, according to GlobalData’s oil and gas contracts database.

The activity marked a decrease of 38%, when compared with the last 12-month average of 215 contracts.


Contract award activity in Europe during June 2022

Looking at contracts by country, Norway led the activity in June 2022 with 47 contracts representing a 35% share of all the oil and gas contracts, followed by the UK with 37 contracts and a 28% share and Russia with 19 contracts and a 14% share. It saw a decrease of 15% over the previous month’s total of 55 contracts and a decrease of 29% when compared with the last 12 month-average 66 contracts in Norway.

Based on 12-month moving average, the UK took the top spot with 69 contracts, followed by Norway and Russia with 65 and 26 contracts, respectively.


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

Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 100 contracts in June 2022, followed by midstream and petrochemicals with 15 and five contracts, respectively.

Contracts by scope of work in Europe during June 2022

During June 2022, the majority of the contracts awarded were in the operations & maintenance space with 80 contracts, followed by procurement and design & engineering with 37 and 20 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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