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January 11, 2022

Contract activities in upstream segment in Europe down 13% in Q4 2021

By Carmen

The upstream segment contracts in Europe registered a decrease of 13% with 420 contracts in Q4 2021, when compared with the previous quarter’s total of 481 contracts, according to GlobalData’s oil and gas contracts database.

A total of 420 contracts were registered in the upstream segment of Europe during the quarter, when compared with the last four-quarter moving average of 496 contracts.


In terms of the number of contracts in Europe, the upstream segment contributed the most with 420 contracts in Q4 2021, followed by midstream and downstream segments with 59 and 26 contracts, respectively.


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Contract award activity in Europe’s upstream segment during Q4 2021

Looking at the total oil and gas contracts by country in the upstream segment of Europe, the UK led the activity in Q4 2021 with 187 contracts and a 45% share. It saw a flat growth over the previous quarter’s total of 187 contracts and a decrease of 5% when compared with the last four-quarter-average of 196 contracts in the UK.

In second place was Norway with 152 contracts and a 36% share, followed by Russia with 31 contracts and a 7% share.

Based on five-quarter moving average of the contracts in the upstream segment of Europe, the UK took the top spot with 194 contracts, followed by Norway and Russia with 180 and 55 contracts, respectively.

Contracts by scope of work in Europe’s upstream segment during Q4 2021

During the quarter, the majority of upstream segment contracts awarded in the Europe were in the operations & maintenance with 320 contracts, followed by design & engineering and procurement with 59 and 56 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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