Related Articles
Forward article link
Share PDF with colleagues

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

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
US ‘Build Back Better Act’ aims for EV policy shift
6 December 2021
Bill includes point-of-sale credits on US-built EVs and $1bn towards charging and refuelling stations
Greening of UK power system gathers pace
3 December 2021
Lenders back phase three of £9bn Dogger Bank offshore windfarm, and power distributor proposes £4bn clean energy overhaul
Module price surge wrongfoots Chinese solar firms
2 December 2021
Solar module prices up 28pc this year on the back of soaring feedstock costs, conference delegates say
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video