Oil and gas services firms pivot to renewables
Companies respond to safeguard their businesses following the outperformance of renewables during the pandemic
Firms involved in the renewables supply chain suffered less during the Covid-19 pandemic than those in the oil and gas sector, according to two sets of figures released on Thursday. And this is prompting some leading oil and gas service companies to adjust their strategies. The wind and solar PV sector saw an 18pc growth in revenue in 2020 compared with the previous year, whereas firms in the oil and gas sector saw a 23pc revenue drop over the same period, according to analysis of 170 suppliers by research firm Rystad Energy. Revenues from firms exposed to the upstream oil and gas sector have been particularly hard hit; well services firms experienced year-on-year revenue falls of 35pc while
Also in this section
30 October 2024
Occidental subsidiary signs agreement with Enterprise Products Partners for pipelines and transport services for Bluebonnet hub
23 October 2024
Next government faces the difficult task of balancing decarbonisation ambitions with energy security realities
21 October 2024
Gulf Energy Information will host the largest women's event in the energy industry on 19–20 November in Houston, Texas
10 October 2024
The Gulf Energy Information Excellence Awards 2024 celebrated the industry's top innovators at a gala in Houston, recognising achievements in categories ranging from digital transformation to sustainability