The value of global oil and gas contracts awarded rose by 47% in Q2 2024, compared to Q1 2024, according to data and analytics company GlobalData
Total disclosed value increased by 47% quarter-on-quarter to reach US$54.91bn in Q2 2024 from US$37.3bn in Q1, according to GlobalData’s latest report, "Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q2 2024", although overall the number of oil and gas contracts was down slightly from 1,473 in Q1 2024 to 1,377 in Q2 2024.
Significant contracts
In the Middle East, notable contracts included Samsung Engineering, GS Engineering & Construction, and Nesma & Partners’ US$7.7bn EPC contract from Saudi Aramco for the Fadhili Gas plant expansion, to increase capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd).
Petrobras' key upstream contracts in the second quarter of 2024, offshore Brazil, were a major factor behind the rise in contract value, including the US$8.15bn P-84 and P-85 FPSO construction contract to Seatrium, the US$1.8bn contract for subsea engineering to the Sapura consortium, and an additional US$2.5bn for pipelay vessels, rigid risers, and flowlines contracts to Subsea 7.
Other significant contracts highlighted include the Tecnimont-led consortium’s US$2.3bn EPC contract from Sonatrach for three gas boosting stations with 20 turbo-compressor trains in Algeria; and Saipem’s US$850mn rigid pipelines, flexible flowlines, jumpers, and umbilicals work for Azule Energy’s Ndungu field development in Angola.
Operation and Maintenance (O&M) scope reported 681 contracts, accounting for 49% of the total contracts in Q2 2024, followed by procurement with 400 contracts representing a 29% share. Contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, accounted for 9% of the contracts.
Value of Q2 oil and gas contracts jumps by 47%
