TPT January 2025

Business & market news

Global oil & gas contract value declines despite steady Middle East volume in 2024

LNG for the North Field offshore compression program in Qatar, covering engineering, procurement, fabrication and installation of six platforms, along with 28", approximately 100km of corrosion-resistant alloy rigid subsea pipelines, 24”, 100km subsea composite cables, 150km of fibre optic cables and various other subsea facilities as part of the COMP3A and COMP3B projects. Additionally, Saipem secured a $2bn contract from Saudi Aramco for the EPCI of wellhead platform topsides, jackets, tie-in platforms, rigid flowlines, submarine composite cables and fibre optic cables for the Marjan field in Saudi Arabia and further it received two contracts overall valued approximately $1bn for the EPCI of jackets, production deck modules, subsea pipelines (both rigid and flexible) and subsea power cables for the Marjan, Zuluf and Safaniyah fields in Saudi Arabia. GlobalData www.globaldata.com

Field offshore compression program in Qatar and significant contracts worth over $3bn from Saudi Aramco for Engineering, Procurement, Construction, and Installation (EPCI) work on the Zuluf, Safaniyah and Marjan field development projects in Saudi Arabia.” Operation and maintenance (O&M) represented 45 per cent of the total contracts in Q3 2024, followed by procurement scope with 33 per cent and contracts with multiple scopes, such as construction, design and engineering, installation, O&M and procurement, which accounted for 10 per cent. Some notable contracts awarded during Q3 2024 include Bechtel Energy’s approximately $4.3bn lump-sum turnkey EPC contract for Train 4 and related infrastructure at the Rio Grande Liquefied Natural Gas (LNG) export project in the Port of Brownsville, Texas. Saipem made significant contributions with several key contracts such as the $4bn agreement with QatarEnergy

Global oil & gas contract activity saw a 35 per cent quarter-on-quarter decrease in total disclosed value from $55.3bn in Q2 2024 to $35.7bn in Q3 2024. Despite this, steady contract volumes, particularly in the Middle East, were driven by substantial projects such as Saipem’s $4bn contract with QatarEnergy and multi-billion-dollar agreements from Saudi Aramco, providing some stability, reveals GlobalData, a leading data and analytics company. GlobalData’s latest report said: “Oil & gas industry contracts review by sector, region, terrain and top contractors and issuers, Q3 2024,” which reveals that the overall contract volume remained relatively stable, with 1,519 contracts in Q3 2024 compared to 1,546 in Q2 2024. Pritam Kad, oil & gas analyst at GlobalData, said: “Contract activity in the Middle East has provided stability, helping to offset the overall value decline. This is driven by Saipem’s $4bn contract from QatarEnergy LNG for the North

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