Global oil and gas contract activity is relatively stable in the first quarter of this year

According to a report from the Drilling Contractor website on May 15th, Sinopec News reported that in the first quarter of this year, global oil and gas contract activities remained relatively stable, with a slight decrease in the number of contracts, but an increase in the value of the disclosed contracts.

GlobalData’s latest report "Global Oil and Gas Industry Contract Review for the First Quarter of 2021" pointed out that the number of oil and gas contracts has declined, but the value has increased.

Pritam Kad, an oil and gas analyst at GlobalData, said that due to the slight improvement in crude oil prices and the new crown epidemic, contract activities are currently relatively stable, and the industry outlook is expected to be relatively stable and capital expenditures will improve.

In the first quarter of this year, 52% of the recorded contracts were in the scope of operation and maintenance (O&M), followed by the scope of procurement, at 18%.

Hao Fen, translated from Drilling Contractor

The original text is as follows:

Global oil and gas contracts activity relatively stable in Q1 2021

Oil and gas contract activity remained relatively stable in Q1 2021, with the industry recording a marginal decrease in the number of contracts and at the same time an increase in disclosed contract value.

A new report by GlobalData, “Q1 2021 Global Oil & Gas Industry Contracts Review,” notes that the number of oil and gas contracts declined while value increased with 1,330 in Q4 2020, with a value of $25.

"Contract activity is now relatively stable with marginal improvement in crude oil price and the COVID-19 pandemic, the industry foresees a relatively stable outlook and CAPEX improvement," said Pritam Kad, Oil and Gas Analyst at GlobalData.

　　In Q1 2021, 52% of the contracts recorded were for operation and maintenance (O&M) scope, followed by procurement scope with 18%.