Global oil and gas contracts activity reported a marginal increase of 3% from $178.86bn in 2021 to $183.63bn in 2022, despite a decrease of 4% in the number of contracts from 6,972 in 2021 to 6,668 in 2022. Notable contracts that made a significant contribution include Keppel Shipyard’s two Engineering, Procurement, and Construction (EPC) $2.9bn and $2.8bn contracts of P-80 and P-83 FPSO respectively, for Petorbras’ Buzios field, offshore Brazil; Dalian Petrochemical’s $4.67bn EPC contract for Ameer Group’s Pakistan State Oil deep conversion refinery in Pakistan; and Saipem’s $4.5bn contract from Qatargas for the engineering, procurement, fabrication, and installation of two natural gas compression Complex for the North Field Production Sustainability Offshore Compression Complex Project – EPC 2, offshore Qatar.

Upstream sector reported 4,608 contracts during 2022, followed by downstream/petrochemical and midstream sector with 1,106 and 1,056 contracts, respectively, during the year.

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Europe recorded majority of the contracts, with 2,153 contracts in 2022, followed by Asia and North America with 1,814 and 1,581 contracts, respectively, during the year. 

Operation and Maintenance (O&M) represented 50% of the total contracts in 2022, followed by contracts with procurement scope with 24% and multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, accounted for around 13%.

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