Global contract activity in the oil and gas sector increased thanks to Petrobras’ key upstream contracts. The industry saw a significant 47% increase in total disclosed value, from $37.3 billion in Q1 2024 to $54.91 billion in Q2 2024. However, the number of contracts decreased by 7%, from 1,473 in Q1 2024 to 1,377 in Q2 2024.

Notable contracts awarded by Petrobras include Seatrium’s $8.15 billion contract for the P-84 and P-85 FPSOs for the Atapu and Sepia fields offshore Brazil; Seagem’s $1.8 billion contract, Sapura’s subsidiaries and Seabras’ Sapura Participacoes’ subsea engineering, installation and other services using six multipurpose pipelay support vessels (PLSVs); and Subsea 7’s five contracts, including $1.25 billion contracts for four pipelay support vessels; and another $1.25 billion contract for engineering, procurement, manufacturing, installation and commissioning of 102 km of rigid risers and flowlines for the steel lazy wave production system for Petrobras’ Buzios 9 field development offshore Brazil.

Oil and gas industry contracts by volume, Q2 2024

The upstream sector reported 901 contracts in the second quarter of 2024, followed by the downstream/petrochemicals and midstream sectors with 306 and 191 contracts in the quarter, respectively.

Most contracts were signed in Asia in the second quarter of 2024 with 464 contracts, followed by Europe and North America with 368 and 343 contracts respectively.

Operations and maintenance (O&M) accounted for 49% of all contracts in the second quarter of 2024, followed by procurement scope at 29% and multi-scope contracts such as construction, design and engineering, installation, O&M and procurement, which accounted for 9%.

For more details, see GlobalData’s new report, “Oil and Gas Industry Contracts Review by Sector, Region, Terrain, and Top Contractors and Issuers, Q2 2024.”

“Oil and Gas Contract Value Momentum Increases in Q2 2024” was originally created and published by Offshore Technology, a GlobalData brand.

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