European Oil And Gas Contracts Down 2Pct In November 2022

Oil and gas contracts in Europe registered a decrease of 2% in November 2022 with 178 contracts, when compared with 182 contracts in the previous month, according to information provided by GlobalData.

The activity marked a decrease of 11%, when compared with the last 12-month average of 199 contracts.

Looking at contracts by country, Norway led the activity in November 2022 with 83 contracts representing a 47% share of all the oil and gas contracts, followed by the UK with 31 contracts and a 17% share and Russia with 24 contracts and a 13% share.

It saw a decrease of 2% over the previous month’s total of 85 contracts and an increase of 19% when compared with the last 12 month-average 70 contracts in Norway.

Based on 12-month moving average, Norway took the top spot with 73 contracts, followed by the UK and Russia with 56 and 27 contracts, respectively.

Looking at oil and gas contracts by segment in Europe, upstream segment contributed the most in terms of the contracts awarded, with 143 contracts in November 2022, followed by midstream and downstream with 19 and seven contracts, respectively.

During November 2022, the majority of the contracts awarded were in the operations & maintenance space with 129 contracts, followed by procurement and design & engineering with 36 and 25 contracts, respectively.

It is worth noting that 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.

To contact the author, email bojan.lepic@rigzone.com