Oil and gas contract value momentum increases in 2Q24
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
Global oil and gas contract activity boosted with Petrobras' key upstream contracts, reports GlobalData.
The industry witnessed a significant 47% increase in total disclosed value, rising from US$37.3 billion in 1Q24 to US$54.91 billion in 2Q24. However, the number of contracts saw a decline of 7%, from 1473 in 1Q24 to 1377 in 2Q24.
Some of the notable contracts awarded by Petrobras include Seatri-um’s US$8.15 billion contract for the P-84 and P-85 FPSOs for the Atapu and Sepia fields, offshore Brazil; Seagem's, Sapura sub-sidiaries' and Seabras Sapura Participacoes’ US$1.8 billion con-tract for the subsea engineering, installation, and other services uti-lising the of six multi-purpose pipe-laying support vessels (PLSV); and Subsea 7’s five contracts, including US$1.25 billion four pipe-lay support vessels contracts; and another US$1.25 billion engi-neering, procurement, fabrication, installation, and pre-commissioning contract of 102 km of rigid risers and flowlines for the steel lazy wave production system for Petrobras’ Buzios 9 field development, offshore Brazil.
Oil and gas industry contracts by scope, 2Q24
The upstream sector reported 901 contracts during 2Q24, followed by the downstream/petrochemical and midstream sectors with 306 and 191 contracts, respectively during the quarter.
Asia recorded most of the contracts, with 464 contracts, in 2Q24, followed by Europe and North America with 368 and 343 con-tracts, respectively.
Operation and maintenance (O&M) represented 49% of the total contracts in 2Q24, followed by procurement scope with 29%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 9%.
Further details can be found in GlobalData’s new report, 'Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q2 2024'.
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Read the article online at: https://www.worldpipelines.com/contracts-and-tenders/15082024/oil-and-gas-contract-value-momentum-increases-in-2q24/
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