Global oil and gas contracts activity relatively stable in Q1 2021 with marginal improvement in crude oil prices

Oil and gas contract activity remained relatively stable in Q1 2021, with the industry recording a marginal decrease in the number of contracts and at the same time an increase in disclosed contract value, according to GlobalData, a leading data and analytics company.

The latest report by GlobalData, ‘Q1 2021 Global Oil & Gas Industry Contracts Review’, notes that the number of oil and gas contracts declined while value increased with 1,330 in Q4 2020, with a value of $25.5bn, as compared to 1,282 in Q1 2021, totalling $29.3bn.

Pritam Kad, Oil & Gas Analyst at GlobalData, comments: “Contract activity is now relatively stable with marginal improvement in crude oil price and the COVID-19 pandemic, the industry foresees a relatively stable outlook and capex improvement”

In Q1 2021, 52% of the contracts recorded were for operation and maintenance (O&M) scope, followed by procurement scope with 18%.

The notable contracts include BW Offshore’s US$4.6bn contract for Engineering, Procurement, Construction, Installation (EPCI), lease and operation of Barossa Floating Production, Storage and Offloading (FPSO), offshore Darwin in Australia, and Arabian Industries and Special Technical Services’ US$4bn contract from Petroleum Development Oman (PDO), spanning the execution of maintenance, integrity, field improvement proposals, turnaround activities, and the delivery of brownfield projects in the North and South of its concession area in Oman.

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