Oil and gas contracts in Europe registered a decrease of 5% in Q3 2022 with 509 contracts, when compared with 535 contracts in the previous quarter, according to GlobalData’s oil and gas contracts database.
The activity marked a decrease of 19%, when compared with the last four-quarter average of 632 contracts.
Contract award activity in Europe during Q3 2022
Looking at contracts by country, Norway led the activity in Q3 2022 with 217 contracts and a 43% share of all the oil and gas contracts in the region, followed by the UK with 92 contracts and an 18% share and Russia with 78 contracts and a 15% share. It saw an increase of 30% over the previous quarter’s 167 contracts and an increase of 10% when compared with the last four-quarter-average of 197 contracts in Norway.
Based on five-quarter moving average, Norway took the top spot with 201 contracts, followed by the UK and Russia with 186 and 81 contracts, respectively.
Europe’s oil and gas contracts by segment in Q3 2022
Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 406 contracts in Q3 2022, followed by midstream and carbon capture with 51 and 10 contracts, respectively.
Contracts by scope of work in Europe during Q3 2022
During that quarter, the majority of the contracts awarded were in the operations & maintenance space with 352 contracts, followed by procurement and design & engineering with 107 and 78 contracts, respectively.
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.