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September 29, 2021updated 30 Sep 2021 9:51am

Oil and gas contracts in Europe down 5% in Q2 2021

By Carmen

Oil and gas contracts in Europe registered a decrease of 5% in Q2 2021 with 628 contracts, when compared with 661 contracts in the previous quarter, according to GlobalData’s oil and gas contracts database.

The activity marked an increase of 6%, when compared with the last four-quarter average of 591 contracts.

 

Contract award activity in Europe during Q2 2021

Looking at contracts by country, the UK led the activity in Q2 2021 with 232 contracts and a 37% share of all the oil and gas contracts in the region, followed by Norway with 177 contracts and a 28% share and Russia with 81 contracts and a 13% share. It saw an increase of 15% over the previous quarter’s 202 contracts and an increase of 23% when compared with the last four-quarter-average of 188 contracts in the UK.

Based on five-quarter moving average, the UK took the top spot with 197 contracts, followed by Norway and Russia with 177 and 108 contracts, respectively.

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Europe’s oil and gas contracts by segment in Q2 2021

Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 467 contracts in Q2 2021, followed by midstream and downstream with 69 and 43 contracts, respectively.

Contracts by scope of work in Europe during Q2 2021

During that quarter, the majority of the contracts awarded were in the operations & maintenance space with 399 contracts, followed by procurement and design & engineering with 142 and 123 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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