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September 29, 2021updated 30 Sep 2021 3:32pm

Contract activities in upstream segment in Europe down 12% in Q2 2021

By Carmen

The upstream segment contracts in Europe registered a decrease of 12% with 467 contracts in Q2 2021, when compared with the previous quarter’s total of 530 contracts, according to GlobalData’s oil and gas contracts database.

A total of 467 contracts were registered in the upstream segment of Europe during the quarter, when compared with the last four-quarter moving average of 465 contracts.

 

In terms of the number of contracts in Europe, the upstream segment contributed the most with 467 contracts in Q2 2021, followed by midstream and downstream segments with 69 and 43 contracts, respectively.

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Contract award activity in Europe’s upstream segment during Q2 2021

Looking at the total oil and gas contracts by country in the upstream segment of Europe, the UK led the activity in Q2 2021 with 216 contracts and a 46% share. It saw an increase of 14% over the previous quarter’s total of 189 contracts and an increase of 22% when compared with the last four-quarter-average of 177 contracts in the UK.

In second place was Norway with 162 contracts and a 35% share, followed by Russia with 45 contracts and a 10% share.

Based on five-quarter moving average of the contracts in the upstream segment of Europe, the UK took the top spot with 185 contracts, followed by Norway and Russia with 168 and 69 contracts, respectively.

Contracts by scope of work in Europe’s upstream segment during Q2 2021

During the quarter, the majority of upstream segment contracts awarded in the Europe were in the operations & maintenance with 361 contracts, followed by procurement with 80 contracts.

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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