The Europe, Middle East and Africa (EMEA) region led the contract award activity in the oil and gas sector during the fourth quarter last year with 487 deals, representing around 43 per cent of the total awarded contracts, according to GlobalData, a leading data and analytics company.
The Americas region came a close second with 449 contracts, accounting for 40 per cent of the total awarded contracts, stated GlobalData in its latest ‘Quarterly Oil & Gas Industry Contracts Review’ report.
During the last quarter, the oil and gas industry had reported 1180 contracts, of which 1132 were awarded contracts. The lion's share went to upstream sector rising to 852, around 75 per cent of the total awarded contracts.
The midstream sector recorded 164 contracts, representing 14 per cent of the total awarded contracts, followed by 98 contracts in the downstream sector; representing 9 per cent of the awarded contracts during the quarter, stated the report.
The operations and maintenance represented 64 per cent of the awarded contracts in the fourth quarter, followed by contracts with multiple scopes, such as construction, design and engineering, installation, O&M (operation and maintenance) and procurement, which accounted for 12 per cent.
One of the high value contracts was Petrofac, Saipem, and Samsung Engineering consortium’s $4 billion contract from Thai Oil for the Engineering, Procurement, Construction and Commissioning (EPCC) services for Clean Fuels Project at Sriracha refinery in Chonburi, on the East coast of Thailand.
Other notable contracts during the last quarter included the €2.2 billion ($2.5 billion) deal won by the joint venture of Saipem and Renaissance Heavy Industries for the construction of three liquefied natural gas (LNG) plants, as well as LNG storage facilities for Arctic LNG 2 project in the Gydan Peninsula, Russia; and BHGE, McDermott International, and LTHE consortium’s subsea contract worth $1.69 billion for the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) of Subsea Production Systems (SPS) including 34 deepwater trees besides Subsea Umbilicals, Risers and Flowlines (SURF) for 34 wells for the development of block DWN-98/2 in the Krishna Godavari basin in India.