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  1. Market Data
July 14, 2022

Contract activities in upstream segment in Europe down 30% in Q2 2022

By Carmen

The upstream segment contracts in Europe registered a decrease of 30% with 381 contracts in Q2 2022, when compared with the previous quarter’s total of 544 contracts, according to GlobalData’s oil and gas contracts database.

A total of 381 contracts were registered in the upstream segment of Europe during the quarter, when compared with the last four-quarter moving average of 498 contracts.


In terms of the number of contracts in Europe, the upstream segment contributed the most with 381 contracts in Q2 2022, followed by midstream and downstream segments with 51 and 21 contracts, respectively.


Contract award activity in Europe’s upstream segment during Q2 2022

Looking at the total oil and gas contracts by country in the upstream segment of Europe, the UK led the activity in Q2 2022 with 151 contracts and a 40% share. It saw a decrease of 33% over the previous quarter’s total of 227 contracts and a decrease of 28% when compared with the last four-quarter-average of 210 contracts in the UK.

In second place was Norway with 145 contracts and a 38% share, followed by Russia with 49 contracts and a 13% share.

Based on five-quarter moving average of the contracts in the upstream segment of Europe, the UK took the top spot with 198 contracts, followed by Norway and Russia with 177 and 48 contracts, respectively.

Contracts by scope of work in Europe’s upstream segment during Q2 2022

During the quarter, the majority of upstream segment contracts awarded in the Europe were in the operations & maintenance with 299 contracts, followed by procurement and design & engineering with 56 and 40 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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