In spite of challenges such as crude oil process and the COVID-19 outbreak, the global oil and gas industry has witnessed a marginal increase in the number of oil and gas contracts from 1,104 in Q2 2020 to 1,136 in Q3 2020.

According to analysis by data and analytics company, GlobalData, the industry recorded contract value of US$14.16 billion in Q3 2020, as compared to the previous quarter that reported US$32.51 billion in value.

This difference was primarily due to a high value US$19.21 billion contract agreement reported by Qatar Petroleum in Q2 2020.

The key contract in Q3 2020 was JGC’s Engineering, Procurement, Construction and Commissioning (EPCC) work for the 34,500 barrels per day (bpd) FCC unit, 55,000 bpd VDU unit and 40,000 bpd Diesel Desulfurisation unit for the upgrade of Basra refinery project in Al-Basrah, Iraq.

GlobalData’s latest report, ‘Global Oil and Gas Industry Contracts Review, Q3 2020’, states that the upstream sector reported 758 contracts in Q3 2020, followed by the midstream and downstream/petrochemical sector with 205 and 183 contracts, respectively, during the quarter.

Europe recorded majority of the contracts, with 495 contracts in Q3 2020, followed by Asia and North America with 240 and 215 contracts, respectively, during the quarter.

Operation and Maintenance (O&M) represented 50 per cent of the total contracts in Q3 2020, followed by contracts with multiple scopes such as construction, design and engineering, installation, O&M and procurement, which accounted for 15 per cent.