Oil and gas contracts in Europe registered a decrease of 8% in May 2022 with 180 contracts, when compared with 195 contracts in the previous month, according to GlobalData’s oil and gas contracts database.

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The activity marked a decrease of 17%, when compared with the last 12-month average of 217 contracts.


Contract award activity in Europe during May 2022

Looking at contracts by country, the UK led the activity in May 2022 with 57 contracts representing a 32% share of all the oil and gas contracts, followed by Norway with 55 contracts and a 31% share and Russia with 22 contracts and a 12% share. It saw a decrease of 20% over the previous month’s total of 71 contracts and a decrease of 24% when compared with the last 12 month-average 75 contracts in the UK.

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Based on 12-month moving average, the UK took the top spot with 74 contracts, followed by Norway and Russia with 66 and 28 contracts, respectively.

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

Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 136 contracts in May 2022, followed by midstream and downstream with 17 and eight contracts, respectively.

Contracts by scope of work in Europe during May 2022

During May 2022, the majority of the contracts awarded were in the operations & maintenance space with 121 contracts, followed by procurement and design & engineering with 38 and 25 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.