Global Oil & Gas Contracts Activity in Q2 2021 Declined by 7% – GlobalData

Oil and gas contract activity declined following the relatively stable activity in Q1 2021, with the industry recording a seven percent decrease in the number of contracts and a significant decrease in disclosed contract value in Q2 2021, according to GlobalData, a leading data and analytics company.

The latest report by GlobalData, ‘Q2 2021 Global Oil & Gas Industry Contracts Review‘, notes that the number of oil and gas contracts declined from 1,453 in Q1 2021 to 1,353 contracts in Q2 2021. The value of these contracts also decreased to $27.6bn in Q2 from US$46.4bn in Q1, wherein the significant difference maker was Chiyoda and Technip Energies’ US$12.2bn contract for North Field East LNG which was signed in Q1 2021.

Pritam Kad, Oil & Gas Analyst at GlobalData, comments: “The decline in the number of contracts in Q2 2021 looks temporary and will begin to recover, as the industry foresees an improvement in contracts activity with business outlook, crude oil prices and COVID-19 restrictions now easing.”