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A GlobalData study shows an almost 3% increase in the number of oil and gas contracts between Q2 and Q3, 2020

AdobeStock 105408248In spite of the global economic impact of the pandemic, oil and gas contracts showed a marginal increase in the last quarter. (Image source: Adobe Stock)

Despite challenges including crude oil process and COVID-19's wide impact globally, 1,136 contracts were recorded in Q3, up from 1,104 in Q2. The total contract value of Q3's contract reached US$14.16bn. 

The key Q3 contract was JGC's EPCC work for 34,500 bpd FCC unit, 55,000 bpd VDU unit and 40,000 bpd Diesel Desulfurisation unit for the Basra refinery project in Al-Basrah, Iraq. 

GlobalData's new report 'Global Oil and Gas Industry Contracts Review, Q3 2020', states the upstream sector reported 758 contracts in the latest quarter, with the midstream and downstream/petrochemical sector reaching 205 and 183 contracts, respectively, during the quarter. 

Europe recorded the highest number of contracts, with 495, followed by Asia, with 240, and North America, with 215. 

Operation and Maintenance represented half of all contracts in Q3, followed by multiple-scope contracts such as construction, design and engineering, and installation. O&M and procurement accounted for 15%.