GlobalData: Oil and Gas Contract Value Dipped in Q3 This Year

SEATTLE (Oil Monster): Q3 of this year saw a 35% quarter-over-quarter drop in the total declared value of worldwide oil and gas contract activity, from $55.3 billion in Q2 2024 to $35.7 billion. In comparison to the 1,546 contracts in the previous quarter of the year, the total contract volume in Q3 stayed relatively constant at 1,519 contracts.

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The most recent report from GlobalData states that stability in contract activity in the Middle East, primarily due to massive projects like the multi-billion-dollar agreements from Saudi Aramco and the $4 billion contract between Saipem and QatarEnergy for the North Field offshore compression program in Qatar, partially offset the overall decline in contract value. During the quarter, 45% of all contracts were for operation and maintenance (O&M).

Large-scale offshore and subsea projects have increased, especially in the Middle East, according to Pritam Kad, Oil and Gas Analyst at GlobalData. This emphasizes how crucial it is to develop energy infrastructure in order to satisfy growing demand. In order to support long-term growth in energy production, the corporations are observed forming strategic alliances with a greater emphasis on sustainability and technological innovation, Pritam continued.