In a launch despatched to Rigzone not too long ago, information and analytics firm GlobalData revealed that international oil and gasoline contract worth rose in the course of the second quarter (Q2) of this 12 months.
“The business witnessed a notable 47 p.c quarter on quarter improve in complete disclosed worth to achieve $54.91 billion in Q2 2024 from $37.3 billion in Q1,” GlobalData famous within the launch, including that its newest business contracts report revealed that “the general oil and gasoline contracts quantity decreased marginally from 1,473 in Q1 2024 to 1,377 in Q2 2024”.
A chart included within the launch outlined that, throughout Q2, there have been 681 contracts with an operation and upkeep (O&M) scope, 400 contracts with a procurement scope, and 122 contracts with a number of scopes. Different contract scopes in the course of the quarter included design and engineering, development, and set up, the chart highlighted.
- Advertisement -
GlobalData acknowledged within the launch that international oil and gasoline contract exercise acquired a lift from Petrobras’ key upstream contracts within the second quarter.
The corporate highlighted an $8.15 billion P-84 and P-85 FPSO development contract awarded by Petrobras to Seatrium for the Atapu and Sepia fields, offshore Brazil, within the launch, in addition to a Petrobras award for the Seagems and Sapura consortium, and Subsea 7’s 5 current contracts from Petrobras.
Highlighting different “notable contracts” within the launch, GlobalData identified Samsung Engineering, GS Engineering & Building, and Nesma & Companions’ $7.7 billion EPC contract from Saudi Aramco for Fadhili Gasoline plant growth, the Tecnimont-led consortium’s $2.3 billion EPC contract from Sonatrach, and Saipem’s $850 million inflexible pipelines, versatile flowlines, jumpers, and umbilicals work for Azule Vitality’s Ndungu discipline growth.
“Petrobras’ monumental awards, together with the $8.15 billion P-84 and P-85 FPSO development contract to Seatrium, the $1.8 billion contract for subsea engineering to the Sapura consortium, and an extra $2.5 billion for pipelay vessels, inflexible risers, and flowlines contracts to Subsea 7, had been the driving forces behind the surge within the total oil and gasoline contracts worth,” Pritam Kad, an Oil and Gasoline Analyst at GlobalData, mentioned within the launch.
In a launch despatched to Rigzone again in Might, GlobalData acknowledged that the oil and gasoline contracts market confronted turbulence, “with a notable quarter on quarter decline of 37 p.c in disclosed contract worth, dropping from $50.2 billion in This autumn 2023 to $31.4 billion in Q1 2024”.
In that launch, GlobalData highlighted that its newest oil and gasoline business contract report on the time revealed that “the general contract quantity decreased from 1,346 in This autumn, 2023, to 1,142 in Q1, 2024”.
“Many conventional oil and gasoline business tasks are getting delayed or postponed because of issues over demand outlook in oil and gasoline consuming nations amid the looming recession and excessive inflation, which is clearly evidenced by the lower in each contract worth and quantity,” Kad mentioned in that launch.
“Contrarily, oil costs are anticipated to be favorable for producers because of potential provide disruptions arising from geopolitical dangers. GlobalData expects that delayed or close to completion tasks are more likely to be pushed ahead within the mid-term,” Kad added.
In one other GlobalData launch despatched to Rigzone again in August 2023, the corporate mentioned the general oil and gasoline business’s disclosed contract worth witnessed a major quarter on quarter improve of 60 p.c in Q2, 2023.
That improve was “primarily pushed by a mega contract for Qatar’s North Discipline South (NFS) LNG venture”, GlobalData outlined in that launch, which highlighted that the corporate’s newest oil and gasoline business contract report on the time confirmed that “total contract worth elevated from $35.4 billion in Q1, 2023. to $56.7 billion in Q2. 2023”.
“Nonetheless, the contract quantity was unable to maintain up the tempo and noticed a lower from 1,625 in Q1 2023 to 1,256 in Q2 2023,” the corporate added.
In that launch, Kad mentioned, “the massive enhance on the worth entrance is attributed to Technip Energies and Consolidated Contractors Firm (CCC) three way partnership’s landmark $10 billion engineering, procurement, development and commissioning (EPCC) contract to construct 16 million tons per 12 months North Discipline South (NFS) LNG venture in Qatar”.
To contact the writer, e mail andreas.exarheas@rigzone.com
