Annual oil and gas contract activity reported an increase of 9% in the number of contracts and a substantial increase of 51% in disclosed contract value in 2021, according to GlobalData
Pritam Kad, oil and gas analyst at GlobalData, commented, “Improved crude oil prices and COVID-19 subsiding provided a boost to contracts activity, with notable contracts such as Chiyoda Corp and Technip Energies’ joint ventures US$12.242bn EPC for over 32 mmtpa Qatar Petroleum’s North Field East Project (NFE) LNG project and Saudi Aramco’s 16 contracts, with a combined worth of US$10bn for the subsurface and EPC works for the development of the Jafurah shale gas field in Saudi Arabia.”
According to GlobalData’s latest report, Annual Global Oil & Gas Industry Contracts Review - 2021, the number of contracts increased from 5,750 in 2020 to 6,263 in 2021 and the disclosed contract value also showed a substantial increase from US$115.42bn in 2020 to US$174.21bn in 2021.
In terms of single scopes, operation and maintenance (O&M) represented 44% of the total contracts in 2021, followed by contracts with procurement scope with 20%, and multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, accounted for around 17%.
Other notable contracts include Yinson Holdings’ subsidiaries two contracts with Petrobras for the charter, and operation and maintenance services for the Integrado Parque das Baleias (IPB) floating, production, storage and offloading (FPSO) vessel operating in the North Campos Basin, offshore Brazil, BW ‘s 15-year contract worth US$4.6bn from Santos for EPCI, lease and operation of Barossa FPSO offshore Darwin in Australia, and ADNOC Drilling’s five-year drilling services agreement worth US$3.8bn with ADNOC Onshore for the provision of drilling, workover, and other well services in the UAE.
