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Global oil and gas contract activity: marginal increase in 3Q20

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World Pipelines,

The global oil and gas industry has witnessed a marginal increase in the number of oil and gas contracts from 1104 in 2Q20 to 1136 in 3Q20. This is in spite of challenges such as crude oil process and the COVID-19 outbreak, says GlobalData, a leading data and analytics company.

Global oil and gas contract activity: marginal increase in 3Q20

The industry recorded contract value of US$14.16 billion in 3Q20, as compared to the previous quarter that reported US$32.51 billion in value. Primarily this difference was due to a high value US$19.21 billion contract agreement reported by Qatar Petroleum in Q2 2020.

The key contract in 3Q20 was JGC’s Engineering, Procurement, Construction and Commissioning (EPCC) work for the 34 500 bpd FCC unit, 55 000 bpd VDU unit and 40 000 bpd Diesel Desulfurisation unit for the upgrade of Basra refinery project in Al-Basrah, Iraq.

GlobalData’s latest report, ‘Global Oil and Gas Industry Contracts Review, Q3 2020’, states that the upstream sector reported 758 contracts in 3Q20, followed by the midstream and downstream/petrochemical sector with 205 and 183 contracts, respectively, during the quarter.

Europe recorded majority of the contracts, with 495 contracts in 3Q20, followed by Asia and North America with 240 and 215 contracts, respectively, during the quarter.

Operation and Maintenance (O&M) represented 50% of the total contracts in 3Q20, followed by contracts with multiple scopes such as construction, design and engineering, installation, O&M and procurement, which accounted for 15%.

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