On August 12th, data analysis company Global Data reported that in the second quarter of this year, the total contract value of the global oil and gas industry reached 42 billion US dollars, a significant increase of 79% over the 23.4 billion US dollars in the first quarter.

The company's oil and gas analyst Pritam Kad said that although the total contract value increased in the second quarter of this year, the number of contracts (1283) was slightly lower than that in the first quarter.

According to the “Review of Global Oil and Gas Industry Contracts in the Second Quarter of 2019”, from the upper, middle and lower reaches of the industrial chain, the upstream industry contracted accounted for 71% of the total contract value, and a total of 858 contracts were signed. The middle and lower reaches and the petrochemical industry signed 245 contracts and 100 contracts respectively. The increase in total contracting was largely due to the promotion of mid-stream industrial engineering, procurement and construction (EPC) projects, such as the cooperation between Bechtel and Next decade in the Texas Grand River LNG project in the United States.

In terms of type, the operation and maintenance contract amounted to 60% of the total contract in the second quarter, followed by construction, design and engineering, installation, operation and maintenance, and procurement. From the geographical location, Europe accounted for 37% of the total contract in the second quarter, signed a total of 471 contracts; followed by North America accounted for 33% of the total contract, a total of 421 contracts signed.

At the end of the first quarter, the "Global Oil and Gas Industry Contract Review for the First Quarter of 2019" showed that 1,178 of the global oil and gas industry reports were approved in the first quarter of this year. The upstream industry signed 862 contracts, 156 in the midstream industry and 141 in the downstream industry.

In the first quarter, operation and maintenance contracts accounted for 64% of the total contract, followed by construction, design and engineering, installation, procurement, etc., accounting for 11% of the total contract. The number of contracts in Europe, the Middle East and Africa was 569, followed by the Americas, with 366 contracts signed.

One of the $13.6 billion contracts signed by the UAE National Marine Dredging Company and Abu Dhabi National Oil Company is worthy of attention. The contract involves the dredging of artificial islands and causeways, land reclamation and marine construction, and the expansion of the existing Abu Dhabi Ghasha franchise phase I development project.


International oil prices hit the biggest one-day drop in four years
OPEC has increased 200,000 barrels of crude oil for the first time since its production cut in August this year



Global oil and gas industry contract volume increased by 79% in the second quarter

Add Time: