Oil services market is expected to rise to peak of US$1 trillion by 2025, says Rystad Energy. Read more
“All signs point towards 2022 being the start of another super cycle for the energy services sector.”
From the peak in 2014 to the trough in 2021 revenue of the biggest contractors fell almost 60 per cent. “After the rebound in 2022 we are entering a very promising 2023, with potential for 13 per cent growth both for oil and gas investments and 10 per cent for low-carbon investments,” said the report.
Even with the risk of another downturn in oil and gas after 2025, oilfield service suppliers should be able to balance it out by branching into the expanding renewables market, said Rystad.
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