Global oil and gas contracts surged in value during the second quarter of 2025, reaching $40.94 billion, up from $33.89 billion recorded in Q1 2025. However, the total number of contracts dropped slightly from 1,558 to 1,529 during the same period.

High-Value Deals Drive Growth

The rise in value was driven by major midstream and upstream deals, with significant contributions from John Wood Group, QS Energy, ADNOC Drilling, and China Petroleum Engineering. These contracts reflect ongoing investments in infrastructure upgrades and modernization of energy assets globally.

Key Contracts in Focus

Notable agreements in Q2 2025 included:

• John Wood Group: Secured a $2.8 billion EPCM contract from Gas to deliver upgrades and debottlenecking solutions at the Habshan and Habshan 5 gas complexes in the UAE.
• QS Energy: Signed a $2 billion framework deal with VIPS Petroleum to supply 400 viscosity reduction systems for crude oil pipeline modernization across Southeast Asia and Africa.
• China Petroleum Engineering: Won a $1.6 billion contract from TotalEnergies for the construction and commissioning of a gas processing facility at the Ratawi oil field in Iraq.

Sector and Regional Breakdown

The Operation & Maintenance (O&M) segment dominated the quarter, accounting for 48% of all contracts, followed by procurement (30%) and multi-scope projects including construction and installation (10%).

By sector, upstream projects led with 1,085 contracts, while downstream/petrochemical and midstream sectors recorded 274 and 194 contracts, respectively.

Regionally, Asia topped the charts with 661 contracts, followed by Europe (329) and North America (305), highlighting continued strong activity in emer