London, February 7 - Neftegaz.RU.
The global oil & gas industry has witnessed a substantial contract in the downstream/petrochemical
sector, with China National Chemical Engineering No 7 Construction securing a $13.25bn contract from Baltic Chemical Complex for the FEED and EPC services for 2 Ethylene cracking, 6 Polyethylene, 2 Linear Alpha Olefins cracking units and offsite facilities at Ust-Luga in Russia.
According to GlobalData, the reported contract value of $48.01bn in Q4 2019 is higher than the previous quarter that reported $46.5bn in value despite there being a major decline in the number of contracts from 1,575 in Q3 2019 to 1,199 in Q4 2019.
The company’s latest report
: ‘Q4 2019 Global Oil & Gas Industry Contracts Review’ states that the upstream
sector reported 907 contracts in Q4 2019, followed by midstream and downstream/petrochemical sector with 188 and 124 contracts, respectively during the quarter.
North America recorded 379 contracts followed closely by Europe with 378 contracts, each representing 32% of the total contracts in Q4 2019. Operation and Maintenance (O&M) represented 59% of the total contracts in Q4 2019, followed by contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 14%.
Other notable contracts during Q4 2019 incl. Yinson Production subsidiaries’ 2 contracts combined worth $5.4bn from Petrobras for the charter as well as operation and maintenance services for Marlim 2 FPSO destined for operations at Marlim and Voador field, offshore Brazil; JGC, Fluor and TechnipFMC
consortium’s $3.73bn contract from Mozambique Rovuma Venture for the EPC of LNG production complex comprising of 2 natural gas liquefaction trains with a total LNG nameplate capacity of 15.2 mpta as well as associated onshore facilities in Cabo Delgado, Mozambique; and Samsung Engineering and Tecnicas Reunidas’ $3.7bn contract from Sonatrach for the EPC of a new deep conversion oil refinery with capacity 5 mpta in Haoud El Hamra, in the Hassi Messaoud region of Algeria.