Research by GlobalData reveals that the overall oil and gas industry’s disclosed contract value has increased 60 per cent in the second quarter of 2023.

Mainly driven by a mega contract for Qatar’s North Field South (NFS) LNG project, the report reveals a total of 1,256 contracts.

GlobalData Oil and Gas Analyst Pritam Kad stated: “The big boost on the value front is attributed to Technip Energies and Consolidated Contractors Company (CCC) joint venture’s landmark $10 billion engineering, procurement, construction and commissioning (EPCC) contract to build 16 million tonnes per year North Field South (NFS) LNG project in Qatar.”

Other notable contracts during the quarter include Hyundai E&C’s two lump-sum turn-key contracts combined worth approximately $5 billion from Saudi Aramco and TotalEnergies.

This covers the detailed design EPC for a mixed feed cracker (MFC), and utilities, flares and interconnecting facilities at the Amiral petrochemicals facility expansion in Jubail Industrial City, Saudi Arabia.

The increase in industry contracts will promote the reduction of overall oil and gas prices.

GlobalData’s contracts report details comparative data on the number of contracts and their value in the quarter.

The company also subdivides the data by region, sector and geography.

These contracts refer to agreements between exploration or production owners and an oil or gas company — granting rights to conduct operating activities.