Global oil and gas contracts reported a quarter-on-quarter increase in total disclosed value, with $40.94bn in the second quarter (Q2) of 2025 as compared to $33.89bn in Q1 2025. The number of contracts reported a marginal decrease from 1,558 in Q1 2025 to 1,529 in Q2 2025. The high-value contracts by Wood Group, QS Energy, ADNOC Drilling, and China Petroleum Engineering provided a boost to overall contracts activity, though a marginal decrease in the numbers.

These notable contracts awarded during Q2 2025, primarily midstream segment high-value 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% of the total contracts in Q2 2025, followed by procurement scope with 30%, and contracts with multiple scopes such as construction, design and engineering, installation, O&M, and procurement, which accounted for 10%.

The upstream sector reported 1,085 contracts during Q2 2025, followed by the downstream/petrochemical and midstream sectors with 274 and 194 contracts during the quarter, 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.
Source: GlobalData