More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad Energy impact analysis shows, also revealing that shale services will bear most of the reductions.
Japan’s Inpex Corporation is reviewing its investment plans and looking into other cost-reducing measures due to the current market situation and the impact of the coronavirus and the oil price decline on its business operations.
