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January 11, 2022

Oil and gas contracts in Europe down 18% in Q4 2021

By Carmen

Oil and gas contracts in Europe registered a decrease of 18% in Q4 2021 with 543 contracts, when compared with 660 contracts in the previous quarter, according to GlobalData’s oil and gas contracts database.

The activity marked a decrease of 17%, when compared with the last four-quarter average of 656 contracts.


Contract award activity in Europe during Q4 2021

Looking at contracts by country, the UK led the activity in Q4 2021 with 205 contracts and a 38% share of all the oil and gas contracts in the region, followed by Norway with 162 contracts and a 30% share and Russia with 56 contracts and a 10% share. It saw an increase of 1% over the previous quarter’s 203 contracts and a decrease of 2% when compared with the last four-quarter-average of 210 contracts in the UK.

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Based on five-quarter moving average, the UK took the top spot with 209 contracts, followed by Norway and Russia with 192 and 91 contracts, respectively.


Europe’s oil and gas contracts by segment in Q4 2021

Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 420 contracts in Q4 2021, followed by midstream and downstream with 59 and 26 contracts, respectively.

Contracts by scope of work in Europe during Q4 2021

During that quarter, the majority of the contracts awarded were in the operations & maintenance space with 340 contracts, followed by design & engineering and procurement with 119 and 109 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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