The oil and gas industry recorded contract value of US$31.96bn in Q2 2020, as compared US$18.01bn reported in the previous quarter. GlobalData highlights that the number of contracts witnessed a decline from 1,267 in Q1 2020 to 907 in Q2 2020.
GlobalData’s latest report, ‘Q2 2020 Global Oil & Gas Industry Contracts Review’, states that the upstream sector reported 658 contracts in Q2 2020, followed by midstream and downstream/petrochemical sector with 171 and 114 contracts, respectively, during the quarter.
During this time, some of the key contracts signed were Qatar Petroleum’s US$19.21bn agreement with DSME, Hyundai and Daewoo for the construction of more than 100 LNG carriers, as well as the US$2.85bn contract with Hudong-Zhonghua Shipbuilding for the construction of 16 LNG carriers and Maire Tecnimont led consortium with Sinopec Engineering’s US$1.31bn contract from Amur GCC for the Engineering, Procurement and Site Services (EPSS) including the implementation of several large-scale polyolefin units in Russia.
Pritam Kad, Oil & Gas Analyst at GlobalData, says: “Europe recorded the majority of the contracts, with 412 contracts in Q2 2020, followed by North America, which has taken a deep dive and reported only 184 contracts during the quarter.
“Operation and Maintenance (O&M) represented 52% of the total contracts in Q2 2020, followed by contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 15%.”
