GlobalData report: Global oil and gas contracts activity continued downtrend during Q2 2020

GlobalData report: Global oil and gas contracts activity continued downtrend during Q2 2020

The global oil and gas industry has witnessed a continual slowdown in the number of oil and gas contracts, as companies are finding it difficult to proceed further due to stressed capital, crude oil prices decline and operational challenges due to the Covid-19 outbreak, says GlobalData.The oil and gas industry recorded a contract value of $31.96bn in Q2-2020, as compared $18.01bn reported in the previous quarter. GlobalData highlights that the number of contracts witnessed a decline from 1,267 in Q1-2020 to 907 in Q2-2020.GlobalData's latest report, 'Q2 2020 Global Oil & Gas Industry Contracts Review', states that the upstream sector reported 658 contracts in Q2-2020, followed by midstream and downstream/petrochemical sector with 171 and 114 contracts, respectively, during the quarter.During this time,