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  1. Market Data
July 14, 2022

Oil and gas contracts in Europe down 24% in Q2 2022

By Carmen

Oil and gas contracts in Europe registered a decrease of 24% in Q2 2022 with 509 contracts, when compared with 668 contracts in the previous quarter, according to GlobalData’s oil and gas contracts database.

The activity marked a decrease of 23%, when compared with the last four-quarter average of 657 contracts.


Contract award activity in Europe during Q2 2022

Looking at contracts by country, the UK led the activity in Q2 2022 with 165 contracts and a 32% share of all the oil and gas contracts in the region, followed by Norway with 160 contracts and a 31% share and Russia with 68 contracts and a 13% share. It saw a decrease of 31% over the previous quarter’s 240 contracts and a decrease of 27% when compared with the last four-quarter-average of 227 contracts in the UK.

Based on five-quarter moving average, the UK took the top spot with 214 contracts, followed by Norway and Russia with 192 and 80 contracts, respectively.


Europe’s oil and gas contracts by segment in Q2 2022

Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 381 contracts in Q2 2022, followed by midstream and downstream with 51 and 21 contracts, respectively.

Contracts by scope of work in Europe during Q2 2022

During that quarter, the majority of the contracts awarded were in the operations & maintenance space with 327 contracts, followed by procurement and design & engineering with 128 and 74 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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