Global oil and gas contract activity saw a 35% quarter-on-quarter decrease in total disclosed value, dropping from $55.3bn in the second quarter (Q2) of 2024 to $35.7bn in Q3 2024.

However, contributions from the Middle East, particularly Saipem, provided some stability. Overall contract volume remained relatively stable, with 1,519 contracts in Q3 2024 compared to 1,546 in Q2 2024.  

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Some notable contracts awarded during Q3 2024 include Bechtel Energy’s approximately $4.3bn lump-sum turnkey engineering, procurement, and construction contract for Train 4 and related infrastructure at the Rio Grande Liquefied Natural Gas (LNG) export project in the Port of Brownsville, Texas, US.

Saipem made significant contributions with several key contracts such as a $4bn agreement with QatarEnergy LNG for the North Field offshore compression programme in Qatar, covering engineering, procurement, fabrication, and installation of six platforms, along with 28in, approximately 100km of corrosion-resistant alloy rigid subsea pipelines, 24in, 100km subsea composite cables, 150km of fibreoptic cables, and various other subsea facilities as part of the COMP3A and COMP3B projects. 

Additionally, Saipem secured a $2bn contract from Saudi Aramco for the engineering, procurement, construction and installation (EPCI) of wellhead platform topsides, jackets, tie-in platforms, rigid flowlines, submarine composite cables, and fiberoptic cables for the Marjan field in Saudi Arabia, and further it received two contracts overall valued at approximately $1bn for the EPCI of jackets, production deck modules, subsea pipelines (both rigid and flexible), and subsea power cables for the Zuluf and Safaniyah fields in Saudi Arabia.

The upstream sector reported 1,028 contracts during Q3 2024, followed by the downstream/petrochemical and midstream sectors with 306 and 191 contracts, respectively, during the quarter.

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Asia recorded most of the contracts, with 654 contracts in Q3 2024, followed by North America and Europe with 336 and 324 contracts, respectively, during the quarter.

Operation and maintenance (O&M) represented 45% of the total contracts in Q3 2024, followed by procurement scope with 33%, and contracts with multiple scopes such as EPCI, O&M, and procurement, which accounted for 10%.

Further details can be found in leading data and analytics company GlobalData’s new report, Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q3 2024.