Bechtel and CCS JV led surge in global oil & gas contracts value to US$42bn in Q2 2019

Bechtel and CCS JV Led surge in Global Oil & Gas Contracts Value to US$42bn in Q2 2019

The global oil and gas industry’s total contract value reached US$42bn in Q2 2019, a massive 79 percent increase on Q1’s value of US$23.4bn according to GlobalData, a leading data and analytics company.

Pritam, Oil & Gas Analyst at GlobalData, says: “This rise occurred despite there being a slight decline in the number of contracts from 1,453 in Q1 to 1,283 in Q2, 2019.

GlobalData’s latest report: ‘Q2 2019 Global Oil & Gas Industry Contracts Review’, reveals that the upstream sector constituted 71 percent of the total contracts awarded, with  858 contracts. The midstream and downstream/petrochemical sector recorded 245 and 100 contracts, respectively. The increase in contract value was largely driven by engineering, procurement and construction (EPC) contracts in the midstream sector such as Bechtel’s $9.57bn agreement with NextDecade for the Rio Grande liquefied natural gas (LNG) project in Texas and Saipem, McDermott International and Chiyoda – CCS JV’s $8bn contract with Anadarko Petroleum for the development of an onshore LNG park in Mozambique

Bechtel and CCS JV led surge in global oil & gas contracts value to US$42bn in Q2 2019

Operation and Maintenance (O&M) represented 60 percent of the total contracts in Q2 2019, followed by contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 12 percent.

Europe constituted 37 percent of total contracts in Q2, with a total of 471, followed by North America, which accounted for 33 percent with 421.

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

News Articles

Hey, Don't Forget to Register for OILMAN ConnectThe Oil & Gas Virtual Conference & Expo November 5 & 6, 2019

We would like to invite you to attend the OILMAN Connect Virtual Conference and Expo. At OILMAN Connect, you will have the opportunity to visit companies showcasing their industry products, technology, and software solutions, as well as hear from oil and gas industry leaders presenting at our innovative webinar and speaker series - all with the click of a button. FREE to attend. Plus, we're giving away fantastic prizes during the show.

MyQuorum Land