Letter from Houston: OFSE gears up for the challenge
The sector is transforming towards a more digital, lower-carbon energy future
The oilfield services and equipment (OFSE) sector has, like most of the world, been in turmoil this year because of the triple impact of the oil price war, Covid-driven demand reduction and the resultant oversupply. These factors combined to bring cuts in production, capex and employment.
New research of the economic activities of OFSE companies, which include oil and gas extraction, construction and manufacturing, by the Petroleum Equipment & Services Association (Pesa) shows OFSE employment in August was down by 121,000 jobs from the same month in 2019. Our analysis shows that 103,000 of those lost jobs are attributable to the pandemic. In Texas, OFSE employment is down by 59,000 year
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