Oil and gas contracts in Europe registered an increase of 5% in Q1 2022 with 631 contracts, when compared with 602 contracts in the previous quarter, according to GlobalData’s oil and gas contracts database.
The activity marked a decrease of 3%, when compared with the last four-quarter average of 653 contracts.
Contract award activity in Europe during Q1 2022
Looking at contracts by country, the UK led the activity in Q1 2022 with 231 contracts and a 37% share of all the oil and gas contracts in the region, followed by Norway with 227 contracts and a 36% share and Russia with 75 contracts and a 12% share. It saw an increase of 5% over the previous quarter’s 220 contracts and an increase of 6% when compared with the last four-quarter-average of 217 contracts in the UK.
Based on five-quarter moving average, the UK took the top spot with 220 contracts, followed by Norway and Russia with 202 and 83 contracts, respectively.
Europe’s oil and gas contracts by segment in Q1 2022
Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 517 contracts in Q1 2022, followed by midstream and downstream with 51 and 17 contracts, respectively.
Contracts by scope of work in Europe during Q1 2022
During that quarter, the majority of the contracts awarded were in the operations & maintenance space with 455 contracts, followed by procurement and design & engineering with 104 and 88 contracts, respectively.
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.