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  1. Market Data
April 13, 2022

Contract activities in upstream segment in Europe down 11% in March 2022

By Carmen

The upstream segment contracts in Europe registered a decrease of 11% with 178 contracts in March 2022, when compared with the previous month’s total of 201 contracts, according to GlobalData’s oil and gas contracts database.

A total of 178 contracts were registered in the upstream segment of Europe during the month, when compared with the last 12-month moving average of 166 contracts.


In terms of the number of contracts in Europe, the upstream segment contributed the most with 178 contracts in March 2022, followed by midstream and carbon capture segments with 19 and six contracts, respectively.


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

In March 2022, Norway led the activity with 86 contracts and a 48% share of the upstream oil and gas contracts in Europe. It saw an increase of 10% over the previous month’s total of 78 contracts and an increase of 41% when compared with the last 12 month-average of 61 contracts in Norway.

In second place was the UK with 74 contracts and a 42% share, followed by Russia with 11 contracts and a 6% share.

Based on 12-month moving average of the contracts in the upstream segment of Europe, the UK took the top spot with 69 contracts, followed by Norway and Russia with 61 and 15 contracts, respectively.

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

During the month, the majority of upstream segment contracts awarded in the Europe were in the operations & maintenance with 149 contracts, followed by design & engineering and procurement with 22 and 17 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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