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  1. Market Data
April 13, 2022

Contract activities in upstream segment in South America down 76% in March 2022

By Carmen

The upstream segment contracts in South America registered a decrease of 76% with seven contracts in March 2022, when compared with the previous month’s total of 29 contracts, according to GlobalData’s oil and gas contracts database.

A total of seven contracts were registered in the upstream segment of South America during the month, when compared with the last 12-month moving average of 21 contracts.


In terms of the number of contracts in South America, the upstream segment contributed the most with seven contracts in March 2022, followed by midstream and downstream segments with two and one contract, respectively.


Contract award activity in South America’s upstream segment during March 2022

In March 2022, Brazil led the activity with six contracts and an 86% share of the upstream oil and gas contracts in South America. It saw a decrease of 70% over the previous month’s total of 20 contracts and a decrease of 57% when compared with the last 12 month-average of 14 contracts in Brazil.

In second place was Colombia with one contract and a 14% share.

Based on 12-month moving average of the contracts in the upstream segment of South America, Brazil took the top spot with 14 contracts, followed by Guyana and Colombia with three and two contracts, respectively.

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

During the month, the majority of upstream segment contracts awarded in the South America were in the procurement with three contracts, followed by operations & maintenance and asset retirement with two contracts each.

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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