Global oil and gas contracts reported a quarter-on-quarter decrease in total disclosed value, with $33.33bn in the first quarter (Q1) of 2025 as compared to $39.43bn in Q4 2024. Similarly, the number of contracts reported a decrease from 1,548 in Q4 2024 to 1,505 in Q1 2025. The high-value contracts by Maire, Sinopec, and Larsen & Toubro (L&T) provided a bit of cushioning during this downturn.
Notable contracts in Q1 2025 include Maire subsidiaries’ Tecnimont, KT-Kinetics Technology, and Nextchem’s $3.5bn engineering, procurement, and construction (EPC) contract for a petrochemical and hydrotreating project, as well as engineering services for a waste-to-chemical project in Southern Europe, Sub-Saharan Africa, and Central Asia, Sinopec Engineering’s $2.06bn EPC contract from Sonatrach for the Hassi Messaoud Refinery Project in Algeria, Tsakos Energy Navigation’s approximately $2bn nine Suzemax charter contract from Petrobras Transporte, and L&T Energy Hydrocarbon’s contract worth greater than $1.75bn from QatarEnergy LNG for the engineering, procurement, construction, installation and commissioning of two offshore compression complexes as part of the North Field Production Sustainability Offshore Compression Project, offshore Qatar.
Go deeper with GlobalData
Operation and maintenance (O&M) represented 48% of the total contracts in Q1 2025, followed by procurement scope with 31%, and contracts with multiple scopes such as construction, design and engineering, installation, O&M, and procurement, which accounted for 10%.
The upstream sector reported 1,038 contracts during Q1 2025, followed by the downstream/petrochemical and midstream sectors with 350 and 130 contracts during the quarter, respectively.
Asia recorded most of the contracts, with 627 contracts in Q1 2025, followed by Europe and North America with 366 and 281 contracts, respectively, during the quarter.
Further details can be found in leading data and analytics company GlobalData’s new report, Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q1 2025.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData