Report: Operations and maintenance account for 46% of global oil and gas contracts in May
May's oil and gas contract activity was dominated by operations and maintenance (O&M) contracts, according to a report by GlobalData.
Titled ‘Monthly Oil & Gas Industry Contracts Review – CNPC’s Pipeline Contract Leads Contracts Activity in the Midstream Sector’, the report states that O&M contracts accounted for 46% share of the awarded contracts in May.
The O&M was followed by multiple scope contracts, which accounted for 19% of the total contracts. Other contracts included construction, design and engineering, installation, and procurement.
Oil and gas contract activity throughout the month was mainly driven by contracts in the EMEA region, including Nigerian National Petroleum Corporation’s (NNPC) $949m contract to CNPC and Brentex Petroleum Services to design, procure and construct the 221km-long Kaduna-Kano section of the Ajaokuta-Kaduna-Kano (AKK) natural gas pipeline project in Nigeria.
Another notable contract in the region was Hydraulic Machines and Systems Group’s RUB23.3bn ($415m) contract to supply equipment for the reconstruction of a gas processing plant in Russia.
The top contract during the month was Hyundai Engineering & Construction with contracts worth $11.97bn, while Saudi Aramco was the top issuer with contracts worth $4.31bn.