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  1. Market Data
April 13, 2022

Contract activities in upstream segment in South America down 26% in Q1 2022

By Carmen

The upstream segment contracts in South America registered a decrease of 26% with 45 contracts in Q1 2022, when compared with the previous quarter’s total of 61 contracts, according to GlobalData’s oil and gas contracts database.

A total of 45 contracts were registered in the upstream segment of South America during the quarter, when compared with the last four-quarter moving average of 59 contracts.


In terms of the number of contracts in South America, the upstream segment contributed the most with 45 contracts in Q1 2022, followed by midstream and downstream segments with five and four contracts, respectively.


Contract award activity in South America’s upstream segment during Q1 2022

Looking at the total oil and gas contracts by country in the upstream segment of South America, Brazil led the activity in Q1 2022 with 32 contracts and a 71% share. It saw a decrease of 30% over the previous quarter’s total of 46 contracts and a decrease of 16% when compared with the last four-quarter-average of 38 contracts in Brazil.

In second place was Guyana with six contracts and a 13% share, followed by Colombia with two contracts and a 4% share.

Based on five-quarter moving average of the contracts in the upstream segment of South America, Brazil took the top spot with 36 contracts, followed by Guyana and Colombia with seven and four contracts, respectively.

Contracts by scope of work in South America’s upstream segment during Q1 2022

During the quarter, the majority of upstream segment contracts awarded in the South America were in the operations & maintenance with 26 contracts, followed by procurement and design & engineering with 10 and nine 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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