• Global oil and gas contracts activity relatively stable in Q3 2021

Fuel for Thought

Global oil and gas contracts activity relatively stable in Q3 2021

Nov 24 2021

Oil and gas contract activity remained relatively stable in Q3 2021, says GlobalData a data and analytics company.Industry recorded a nominal 6% decrease in the number of contracts and a 2% decrease in disclosed contract value in Q3 2021.

The latest report by GlobalData, ‘Q3 2021 Oil & Gas Industry Contracts Review – Consolidated Contractors Company Secures North Field East LNG Plant Contract in Qatar’, notes that the number of oil and gas contracts declined from 1,612 in Q2 2021 to 1,523 contracts in Q3 2021. The value of these contracts decreased slightly from $30.89 billion in Q2 to $30.24 billion in Q3. The key contributor in Q3 was Consolidated Contractors Company’s $2.3 billion subcontract from Chiyoda and Technip Energies joint venture for the construction of key process units, as part of the larger $12.2 billion contract, for the North Field East LNG in Qatar.

Pritam Kad, Oil & Gas Analyst at GlobalData, comments: “Improving crude oil prices and global energy demand encouraged major producers to increase their spend on delayed projects, as well as focus on proposed brownfield and greenfield projects.”

In terms of scope, operation and maintenance (O&M) represented 41% of the total contracts in Q3 2021, followed by procurement scope with 19%, and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 16%.

Other notable contracts include Saipem and Saipem Contracting’s $1.48 billion contract from Nigerian National Petroleum Corp (NNPC) for the rehabilitation of Warri and Kaduna refineries in Nigeria; China Energy Construction Gezhouba International Company’s $1.09 billion contract from Tobago Oil and Gas Energy Group Holding Company for the Engineering, Procurement and Construction (EPC) services for LPG storage and transportation project including LPG receiving terminal, land storage, sub-assembly, and other design, purchase, construction, installation and commissioning of supporting facilities on the west coast of Trinidad and Tobago; and Thai Nippon Steel Engineering & Construction’s approximately $910 million from PTT Exploration and Production for the designing, procurement, and construction of around 40 wellhead platforms, as well as the reconstruction of existing platforms, and laying around 280 kilometers of pipeline.

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