Global Oil and Gas Contract Activity Surges to Record Highs
The global oil and gas sector has observed a substantial boost in contract value, jumping from $35.4 billion in Q1 2023 to an impressive $56.7 billion in Q2 2023, primarily fueled by significant contract activities in the Middle East. This surge was propelled by a groundbreaking $10 billion joint venture contract between Technip Energies and Consolidated Contractors Company (CCC) for Qatar’s North Field South (NFS) LNG project. The data also reveals that Operation and Maintenance (O&M) contracts constitute 54% of the total, while procurement contracts comprise 18%. This remarkable increase signifies the industry’s vitality and commitment to advancing energy infrastructure.
S&P downgrades China Evergrande again to ‘CCC’
S&P Global has downgraded the ratings of heavily indebted developer China Evergrande Group (3333.HK) and its subsidiaries, citing an escalating risk of non-payment of debt, its second downgrade in less than two weeks.
