The total number of contracts in the oil and gas industry decreased by 7% in the third quarter of 2022, from 1,662 in the second quarter of 2022 to 1,542 in the third quarter of 2022, according to GlobalData, a leading data and analysis company. .
According to GlobalData’s latest report, “Oil and Gas Industry Contracts Analytics by Sector (Upstream, Midstream and Downstream), Region, Planned and Awarded Contracts and Top Contractors, Q3 2022”, the value of the contract recorded an increase, compared to $38.8 billion in Q2 2022 to $47.7 billion in the third quarter.
Pritam Kad, Oil and Gas Analyst at GlobalData, comments: “Keppel Shipyard helped maintain momentum during the third quarter of 2022 with its two engineering, procurement and construction (EPC) contracts. Together, these contracts amount to $8.76 billion for the P-80, P-82 and P-83 Floating Production, Storage, and Offloading (FPSO), which are destined for Petrobras’ Buzios field in the Santos, Brazil.
Operations and maintenance (O&M) accounted for 53% of total contracts in Q3 2022, followed by procurement scope, with 24%, and multi-scope contracts, such as construction, design and engineering , installation, O&M and supply, accounting for 12%%.
Notable contracts, except for the Keppel shipyard, include the two ADNOC drilling contracts with a combined value of $3.4 billion, as well as five major framework agreements with majors such as Schlumberger, Halliburton, Weatherford, Al Ghaith Oilfield and Al Mansoori Directional Drilling. China Merchants Energy Shipping has also secured a $1.81 billion key charter contract with Sinochem Petroleum Shipping Singapore for three liquefied natural gas (LNG) vessels with a capacity of 175,000 cubic meters (m3).
Source: Global Data