The global oil and gas sector saw a sharp rise in the value of contracts in the second quarter of 2025, even though the total number of agreements dipped slightly.

Figures show that contract values climbed to $40.94 billion in Q2, up from $33.89 billion in the first quarter. At the same time, the number of contracts slipped from 1,558 to 1,529.

Some of the biggest gains came from large midstream deals. John Wood Group secured a $2.8 billion project in the UAE to deliver upgrades and debottlenecking work at the Habshan gas processing facilities. QS Energy signed a $2 billion framework deal with VIPS Petroleum to supply 400 viscosity reduction systems aimed at improving crude oil transport in Africa and Southeast Asia. In Iraq, China Petroleum Engineering won a $1.6 billion contract from TotalEnergies to build a gas plant capable of processing 320 million cubic feet per day at the Ratawi field in Basrah.

Contracts covering operation and maintenance made up the largest share at 48%, followed by procurement at 30%. Multi-scope deals, which include activities such as design, engineering, and construction, represented 10%.

The upstream sector recorded the highest number of contracts at 1,085, while downstream/petrochemicals had 274 and midstream 194.

Regionally, Asia led with 661 contracts in Q2, followed by Europe with 329 and North America with 305. Africa also saw increased activity, particularly in efforts to modernise crude transport pipelines.

The overall jump in contract value highlights ongoing investment in oil and gas projects, even as the industry faces pressure from the global energy transition.