Report: Oil and gas industry overall contract value up by 60% in 2Q 2023
Offshore staff
LONDON – The overall oil and gas industry’s disclosed contract value witnessed a significant quarter-on-quarter increase of 60% in 2Q 2023, mainly driven by a mega contract for Qatar’s North Field South LNG project, says data and analytics company GlobalData.
GlobalData’s latest report, “Oil and Gas Industry Contracts Analytics by Sector (Upstream, Midstream and Downstream), Region, Planned and Awarded Contracts and Top Contractors, Q1 2023,” says that the overall contract value increased from $35.4 billion in 1Q 2023 to $56.7 billion in 2Q 2023. However, the contract volume was unable to keep up the pace and saw a decrease from 1,625 in 1Q 2023 to 1,256 in 2Q 2023.
Pritam Kad, Oil and Gas Analyst at GlobalData, said that: “The big boost on the value front is attributed to Technip Energies and Consolidated Contractors Company (CCC) joint venture’s landmark $10 billion engineering, procurement, construction and commissioning contract to build 16 million tonnes per year North Field South LNG project in Qatar.”
Operation and Maintenance (O&M) represented 54% of the total contracts in 2Q 2023, followed by procurement scope with 18%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, accounted for 11%.
08.13.2023
