By Aaron Larson | Power | October 20, 2019
Oilfield service providers are increasingly moving beyond oil and gas development work, and into renewable energy projects, according to a study conducted by Rystad Energy, an independent research and business intelligence company that provides data, tools, analytics, and consultancy services to the global energy industry.
In findings released on Oct. 29, Rystad said that oil and gas service company revenue from non-exploration and production activities has been growing over the past five years. It accounted for 27% of revenues in 2018, up from 22% in 2014. Additionally, Audun Martinsen, head of oilfield services research with Rystad, said if pure-play contractors in the drilling, well services, and seismic business fields were removed from the equation, non-upstream activities accounted for nearly 30% of revenues last year. And the firm expects that trend to accelerate over the next decade.