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  1. Market Data
February 11, 2022

Contract activities in upstream segment in Europe down 25% in January 2022

By Carmen

The upstream segment contracts in Europe registered a decrease of 25% with 132 contracts in January 2022, when compared with the previous month’s total of 175 contracts, according to GlobalData’s oil and gas contracts database.

A total of 132 contracts were registered in the upstream segment of Europe during the month, when compared with the last 12-month moving average of 162 contracts.


In terms of the number of contracts in Europe, the upstream segment contributed the most with 132 contracts in January 2022, followed by midstream and petrochemicals segments with 16 and six contracts, respectively.


Contract award activity in Europe’s upstream segment during January 2022

In January 2022, the UK led the activity with 61 contracts and a 46% share of the upstream oil and gas contracts in Europe. It saw an increase of 6100% over the previous month’s no contracts and a decrease of 8% when compared with the last 12 month-average of 66 contracts in the UK.

In second place was Norway with 49 contracts and a 37% share, followed by Russia with 10 contracts and an 8% share.

Based on 12-month moving average of the contracts in the upstream segment of Europe, the UK took the top spot with 67 contracts, followed by Norway and Russia with 59 and 16 contracts, respectively.

Contracts by scope of work in Europe’s upstream segment during January 2022

During the month, the majority of upstream segment contracts awarded in the Europe were in the operations & maintenance with 108 contracts, followed by design & engineering and procurement with 13 and eight 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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