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Doubling Down in an Upcycle: Digital Priorities for Oilfield Service

FOUR DIGITAL IMPERATIVES FOR RECOVERY

Key Takeaways

The oilfield service (OFS) sector had slashed costs and optimized operations to stay afloat even before the pandemic. With margins at the mercy of another price cycle and reduced spending, many OFS companies are crafting a new strategy for the future of energy.

Deloitte, 2022 Oil & Gas Industry Outlook

The oilfield services industry is on the cusp of a “strong multi-year upcycle,” according to industry executives. Many believe demand growth in 2022 will surpass the pre-covid peak.

Despite such optimism, this recovery cycle is longer and slower than expected and different from its predecessors in several respects. Beyond the expected resurgence of demand and oil prices, we see a changed landscape—with important implications for oilfield services companies and their digital strategies.

This white paper delves into four broad digital imperatives that OFS firms should use to navigate the new recovery.