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Breaking News:

Surprise Crude Build Threatens Oil Rally

Value Of Global Oil & Gas Contracts Surges To $42 Billion In Q2

Offshore rig

Large engineering and construction contracts for liquefied natural gas (LNG) projects pushed the total value of contracts in the oil and gas industry surging to US$42 billion in the second quarter of 2019, up by a massive 79 percent over the value of the contracts in the first quarter, data and analytics company GlobalData said in a new report out this week.

In the first quarter of this year, the value of the contracts in the global oil and gas sector stood at US$23.4 billion, according to GlobalData’s estimates. In the second quarter, several engineering, procurement and construction (EPC) contracts for LNG projects nearly doubled the contract value tally.

Some of the biggest contracts included Bechtel’s US$9.57-billion agreement with NextDecade for the Rio Grande LNG project in Texas, and a joint venture between McDermott, Saipem, and Chiyoda signing an US$8-billion contract with Anadarko Petroleum for the development of Mozambique Area 1 LNG, GlobalData said.

“Pending the achievement of further commercial milestones and receipt of final regulatory approvals, NextDecade anticipates making a positive final investment decision on up to three trains of the Rio Grande LNG project as early as the end of the third quarter of 2019 and commencing operations in 2023,” NextDecade said in May when it awarded the contract to Bechtel.

According to GlobalData’s analysis, in terms of number of contracts signed in Q2, the upstream sector saw 858 contracts awarded, accounting for 71 percent of all contracts, while the midstream and downstream/petrochemical sector recorded 245 and 100 contracts, respectively.

Just after Q2 ended, Saudi Arabia’s giant oil firm Aramco signed in early July large contracts in the upstream sector, awarding 34 contracts worth a total of US$18 billion to boost the oil production capacity of two fields by 550,000 bpd, in order to sustain its 12-million-bpd production capacity by the early 2020s.

By Tsvetana Paraskova for Oilprice.com

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