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Oil and gas industry shows resilience says GlobalData

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Picture of Molly Cooper

Molly Cooper

Journalist at Tank Storage Magazine.

Amidst shifting market dynamics, the oil and gas industry faced a significant quarter-on-quarter (QoQ) decline of 16% in disclosed contract volume from 1,401 in Q3 2023 to 1,172 in Q4 2023.

However, despite this downturn, a marginal uptick in overall contract value hints at resilience during the challenging times, says GlobalData, a data and analytics company.

GlobalData’s latest report, Oil and Gas Industry Contracts Review by Sector, Region, Terrain, Planned and Awarded Contracts and Top Contractors and Issuers, Q4 2023, reveals that the overall contract value marginally increased from $46 billion in Q3 2023 to $48 billion in Q4 2023.

Pritam Kad, oil and gas analyst at GlobalData, says: ‘The significant contract value in the quarter was largely driven by Tecnimont, Saipem, and NPCC’s significant contracts with ADNOC totalling $8.7 billion (€8.07 billion) and $8.2 billion (€7.6 billion), respectively, for the Hail and Ghasha

Development Project in Abu Dhabi, the UAE. These contracts were pivotal in elevating the oil and gas contracts landscape, potentially boosting opportunities for further growth and collaboration in the region.’

ADNOC’s contracts with Tecnimont, Saipem, and NPCC involve significant responsibilities. Tecnimont will oversee the construction of an onshore processing plant, including gas processing units, sulphur recovery sections, utilities, offsites, and export pipelines. Saipem and NPCC, on the other hand, will handle the engineering, procurement, and construction (EPC) of drilling centres, processing plants, and various offshore structures on artificial islands for the Hail and Ghasha Development Project.

Read more: Global Data

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