The upstream segment contracts in Europe registered an increase of 13% with 517 contracts in Q1 2022, when compared with the previous quarter’s total of 457 contracts, according to GlobalData’s oil and gas contracts database.
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A total of 517 contracts were registered in the upstream segment of Europe during the quarter, when compared with the last four-quarter moving average of 491 contracts.
In terms of the number of contracts in Europe, the upstream segment contributed the most with 517 contracts in Q1 2022, followed by midstream and downstream segments with 51 and 17 contracts, respectively.
Contract award activity in Europe’s upstream segment during Q1 2022
Looking at the total oil and gas contracts by country in the upstream segment of Europe, the UK led the activity in Q1 2022 with 220 contracts and a 43% share. It saw an increase of 9% over the previous quarter’s total of 202 contracts and an increase of 10% when compared with the last four-quarter-average of 200 contracts in the UK.
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By GlobalDataIn second place was Norway with 214 contracts and a 41% share, followed by Russia with 43 contracts and an 8% share.
Based on five-quarter moving average of the contracts in the upstream segment of Europe, the UK took the top spot with 204 contracts, followed by Norway and Russia with 188 and 49 contracts, respectively.
Contracts by scope of work in Europe’s upstream segment during Q1 2022
During the quarter, the majority of upstream segment contracts awarded in the Europe were in the operations & maintenance with 434 contracts, followed by design & engineering and procurement with 48 and 43 contracts, respectively.
Methodology
All publicly announced contracts are included in this analysis, which is drawn from GlobalData’s oil and gas contracts database that provides insights into awarded and expired contracts globally.
More in-depth reports and analysis on all reported contracts are available for subscribers to GlobalData’s oil and gas database.
