Global oil and gas contract activity was driven by Petrobras’ key upstream contracts. The industry witnessed a significant increase of 47% in total disclosed value, rising from US$37.3 billion in Q1 2024 to US$54.91 billion in Q2 2024. However, the number of contracts has seen a decline 7%, from 1,473 in the first quarter of 2024 to 1,377 in the second quarter of 2024. .
Some of the notable contracts awarded by Petrobras include Seatrium’s US$8.15 billion contract for FPSOs P-84 and P-85 for the Atapu and Sépia fields offshore Brazil; The US$1.8 billion contract from Seagem, Sapura subsidiaries and Seabras Sapura Participações for subsea engineering, installation and other services using six multipurpose pipelay support vessels (PLSV); and the five Subsea 7 contracts, including US$1.25 billion in four pipeline launch support vessel contracts; and another US$1.25 billion engineering, procurement, manufacturing, installation and pre-commissioning contract for 102 km of rigid risers and flow lines for the steel lazy wave production system for the development of the Búzios 9 field of Petrobras, off the coast of Brazil.
Oil and Gas Industry Contracts by Scope, Q2 2024
The upstream sector reported 901 contracts during the second quarter of 2024, followed by the downstream/petrochemical and midstream sectors with 306 and 191 contracts, respectively during the quarter.
Asia recorded the most contracts, with 464 contracts, in the 2nd quarter of 2024, followed by Europe and North America with 368 and 343 contracts, respectively.
Operation and maintenance (O&M) represented 49% of total contracts in the 2nd quarter of 2024, followed by purchasing scope with 29%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M and purchasing, which represented 9 %.
More details can be found in GlobalData’s new report, ‘Review of oil and gas industry contracts by sector, region, terrain, and key contractors and issuers, Q2 2024‘.
“Oil and Gas Contract Value Momentum Increases in Q2 2024” was originally created and published by Offshore technologya brand owned by GlobalData.
The information on this website is included in good faith for general informational purposes only. It is not intended to be advice on which you should rely and we make no representation, warranty or guarantee, express or implied, as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
/cdn.vox-cdn.com/uploads/chorus_asset/file/24090220/STK171_VRG_Illo_2_Normand_ElonMusk_02.jpg?w=300&resize=300,300&ssl=1 "Elon Musk tells Donald Trump ‘we should not defame the oil and gas industry’")
