Global Oil & Gas Contracts Up By $7bn In Q2

Global oil and gas contracts recorded a quarter-on-quarter rise in total disclosed value, with $40.94bn recorded in the second quarter (Q2) of 2025 compared to $33.89bn in Q1 2025.
However, the number of contracts reported decreased marginally from 1,558 in Q1 2025 to 1,529 in Q2 2025.

The report shows that Africa witnessed a contract surge in Applied Oil Technology viscosity reduction systems to modernise crude oil transport pipeline infrastructure.

The high-value contracts by Wood Group, QS Energy, ADNOC Drilling, and China Petroleum Engineering provided a boost to overall contract activity, though the numbers decreased marginally.

These notable contracts, awarded during Q2 2025, are primarily high-value midstream segment contracts, including John Wood Group’s $2.8bn contract from Gas to provide engineering, procurement, and construction management services for substantial upgrades and debottlenecking solutions to the existing Habshan and Habshan 5 gas processing mega-complexes and pipelines in the United Arab Emirates.
QS Energy’s $2bn framework agreement with VIPS Petroleum for the provision of up to 400 units of Applied Oil Technology viscosity reduction systems to modernise crude oil transport pipeline infrastructure across Southeast Asia and Africa, and China Petroleum Engineering’s $1.6bn contract from TotalEnergies for the engineering, procurement, supply, construction, and commissioning of a natural gas processing facility with capacity of 320 million standard cubic feet of gas a day serving the Ratawi oil field in Al-Basrah, Iraq.

Operation and maintenance (O&M) represented 48 per cent of the total contracts in Q2 2025, followed by procurement scope with 30 per cent and contracts with multiple scopes, such as construction, design and engineering, installation, O&M, and procurement, which accounted for 10 per cent.

The upstream sector reported 1,085 contracts during Q2 2025, followed by the downstream/petrochemical and midstream sectors, which had 274 and 194 contracts, respectively.
Asia recorded most of the contracts, with 661 contracts in Q2 2025, followed by Europe and North America with 329 and 305 contracts, respectively, during the quarter.