Oil&Gas Industry Records 1242 Contracts in Q1
The Oil and Gas industry reported 1242 contracts, of which 1178 were awarded contracts, said Quarterly Oil & Gas Industry Contracts Review.
Europe, the Middle East and Africa (EMEA) region recorded the most contracts with 569 contracts, representing around 48% of the total awarded contracts in Q1 2019, followed by Americas region with 366 contracts, accounting for 31% of the total awarded contracts.
Upstream sector reported 73% of the total awarded contracts, with 862 contracts. The midstream sector recorded 156 contracts, representing 13% of the total awarded contracts, followed by 141 contracts in the downstream sector; representing 12% of the awarded contracts during the quarter, said the report by Research and Markets.
Operations and maintenance represented 64% of the awarded contracts in Q1 2019, followed by contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 11%.
One of the high value contracts was National Marine Dredging Company's US$1.36bn contract from Abu Dhabi National Oil Company (ADNOC) for the provision of dredging, land reclamation and marine construction of artificial islands and causeways, as well as to expand existing Al Ghaf island to drill and produce gas from the first phase development of the Ghasha Concession comprising Hail, Ghasha, Dalma, Nasr, and Mubarraz offshore sour gas fields, in Rub al-Khali Basin, Abu Dhabi, UAE.
Other notable contracts during Q1 2019 included Saipem's two contracts worth US$1.3bn from Saudi Arabian Oil Company (Saudi Aramco) for the design, Engineering, Procurement, Construction and Installation (EPCI) services and implementation of subsea systems in addition to the laying of pipelines, subsea cables and umbilicals, platform decks and jackets for the development of Berri and Marjan fields in Arabian Gulf, offshore Saudi Arabia; Petrofac's lump-sum contract worth around US$1bn from Groupement Isarene for the Engineering, Procurement, Construction and Commissioning (EPCC), start-up and performance testing for the Ain Tsila field development project in Algeria; and McDermott International, along with its joint venture partners Chiyoda International's mega contract in excess of US$1bn from Golden Pass Products for the EPCC of three approximately 5.2 million ton per annum (mtpa) Liquefied Natural Gas (LNG) trains in Sabine Pass, Texas, US.