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In Q4 2024, the global oil and gas sector saw a decline in contract volume by 15%, but there was a notable increase in the overall contract value, reaching $39.2 billion. For businesses in this space, understanding the types of contracts awarded, the leading sectors, and the geographic regions can help identify new opportunities and areas for expansion.
Question 1: How did oil and gas contract volume change in Q4 2024?
Answer:
In Q4 2024, the total number of oil and gas contracts decreased by 15%, falling from 1,596 in Q3 2024 to 1,353 in Q4 2024.
Question 2: Despite the drop in contract volume, did the total contract value increase in Q4 2024?
Answer:
Yes, despite the decrease in the number of contracts, the total contract value increased in Q4 2024. It grew to $39.2 billion, up from $38.8 billion in Q3 2024.
Question 3: What was the largest contract awarded in Q4 2024?
Answer:
The largest contract awarded in Q4 2024 was a $4 billion engineering, procurement, and construction (EPC) contract for a new deep conversion oil refinery in Algeria’s Hassi Messaoud region, awarded to Tecnicas Reunidas (51%) and Sinopec Engineering (49%).
Question 4: Which companies were involved in a major contract for platform supply vessels in Q4 2024?
Answer:
Bram Offshore and Starnav Servicos Maritimos received a $2.74 billion contract from Petrobras to build and charter 12 platform supply vessels in Q4 2024.
Question 5: Which project in Indonesia secured a significant contract in Q4 2024?
Answer:
JGC Indonesia was awarded a $2.4 billion lump-sum turnkey EPC contract from BP Berau for onshore compression facilities at the Tangguh LNG plant in Papua Barat Province, Indonesia.
Question 6: What was the contract value for Saipem Offshore’s award from TotalEnergies EP Suriname in Q4 2024?
Answer:
Saipem Offshore received a $1.9 billion contract from TotalEnergies EP Suriname for the EPC, supply, precommissioning, and commissioning assistance for the Subsea Umbilicals, Risers, and Flowlines package for the GranMorgu project in Suriname.
Question 7: Which sector recorded the most contracts in Q4 2024?
Answer:
The upstream sector recorded the most contracts in Q4 2024, with 941 contracts awarded during the quarter.
Question 8: How did the downstream and midstream sectors compare in contract awards in Q4 2024?
Answer:
In Q4 2024, the downstream/petrochemical sector saw 258 contracts, while the midstream sector had 176 contracts, indicating a lower volume compared to the upstream sector.
Question 9: Which region had the highest number of oil and gas contracts in Q4 2024?
Answer:
Asia recorded the highest number of contracts, with 511 contracts awarded in Q4 2024. Europe followed with 352 contracts, and North America had 310 contracts.
Question 10: What type of contract accounted for the largest proportion in Q4 2024?
Answer:
Operation and maintenance (O&M) contracts represented the largest proportion, accounting for 50% of the total contracts in Q4 2024.
Question: Where can one access detailed data on oil and gas contracts from Q4 2024?
Answer:
Detailed information on the oil and gas contracts for Q4 2024 can be accessed in GlobalData's report titled Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q4 2024.
Action Steps:
- Target Key Sectors: Focus on sectors that are seeing the most contract activity, particularly the upstream sector, which recorded 941 contracts.
- Explore Growth Regions: Asia led in contract volume with 511 contracts in Q4 2024. If your business operates in or with companies in this region, there could be significant opportunities for partnerships or joint ventures.
- Monitor Major Contracts: Pay attention to large-scale contracts, such as the $4 billion EPC contract in Algeria or the $2.74 billion vessel contract with Petrobras. These projects could provide insight into the future of the industry and potential business opportunities.
- Focus on Operation & Maintenance (O&M): Since O&M contracts represented 50% of the total contracts in Q4 2024, this is an area that could offer long-term revenue streams.
- Utilize Data & Reports: Review detailed reports like Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q4 2024 to gain insights into emerging trends and forecasted market needs.
By aligning business strategies with these insights, companies can better position themselves in the competitive oil and gas market, especially in high-growth sectors and regions.
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