Global oil and gas contract activity increased with Petrobras’ key upstream contracts. The industry saw a significant 47% increase in total disclosed value, from $37.3 billion in Q1 2024 to $54.91 billion in Q2 2024. However, the number of contracts decreased by 7%, from 1,473 in Q1 2024 to 1,377 in Q2 2024.
Some of the notable contracts awarded to Petrobras include Seatrium’s $8.15 billion contract for the P-84 and P-85 FPSOs for the Atapu and Sepia fields offshore Brazil; Seagem’s $1.8 billion contract, Sapura subsidiaries and Seabras Sapura Participacoes, for the subsea engineering, installation and other services using six multi-purpose pipelay vessels (PLSV); and Subsea 7’s five contracts, including $1.25 billion for four pipelay vessels; and another $1.25 billion for the engineering, procurement, fabrication, installation and pre-commissioning of 102 km of rigid risers and piping for the steel lazy wave production system for Petrobras’ Buzios 9 field development offshore Brazil.
Oil and gas industry contracts by size, Q2 2024
The upstream sector reported 901 contracts in Q2 2024, followed by the downstream/petrochemical and midstream sectors with 306 and 191 contracts in the quarter, respectively.
Asia recorded the most contracts, with 464 contracts, in the second quarter of 2024, followed by Europe and North America with 368 and 343 contracts respectively.
Operations and maintenance (O&M) represented 49% of total contracts in Q2 2024, followed by procurement scope at 29% and multi-scope contracts such as construction, design and engineering, installation, O&M and procurement, which accounted for 9%.
More details can be found in GlobalData’s new report, ‘Overview of oil and gas industry contracts by sector, region, area and top contractors and issuers, Q2 2024‘.
“Oil and gas contract value momentum increases in Q2 2024” was originally created and published by Offshore technologya brand of GlobalData.
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