HOME

Track your shipment

Client Testimonials

"We wish to convey our sincere thanks to your organization which has been professionally handling our biz since 2003. We would like to take this opportunity to thank everyone of your staff members who supported and helped us during the hard times and gave us workable solutions and ideas to reach our business objectives. Al Rana Equipment & Machinery Trading Eng. Bassam Nowfat - Managing Director"

Al Rana Equipment & Machinery Trading,
View All

Subscribe To NewsLetter

Stay Updated with the latest news & Events and other activities

Subscribe Me !

News View

SAUDI ARAMCO AND ADNOC BOOST GLOBAL OIL AND GAS CONTRACTS ACTIVITY IN Q3
11/6/2019 12:00:00 AM

The global oil and gas industry has witnessed a substantial boost from contracts activity in the Middle East, which has resulted in a contract value of $44.4bn in Q3 2019, according to GlobalData.

The increase in contract value is primarily attributed to Saudi Aramco’s 34 engineering, procurement and construction (EPC) related contracts (worth over $18bn) for projects such as the Marjan and Berri field incremental development program in Saudi Arabia, alongside ADNOC’s $3.6bn contract for the supply of one million metric tons of casing and tubing to support exploration and production activity in United Arab Emirates (UAE). The reported contract value is comparable to the previous quarter, which recorded $45.5bn in value - despite there being a slight decline in the number of contracts from 1,528 in Q2 2019 to 1,386 in Q3 2019.

The company’s latest report, ‘Q3 2019 Global Oil & Gas Industry Contracts Review’, states that the upstream sector reported 1,035 contracts in Q3 2019, followed by midstream and downstream sector with 255 and 109 contracts, respectively, during the quarter.

North America recorded the most contracts with 489, representing 35% of the total in Q3 2019. This was followed closely by Europe with 471 contracts, accounting for 34% of the total

Thanks