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Market researcher, Rystad Energy has forecasted over one million jobs in the oilfield service industry to be lost in the wake of coronavirus outbreak. The looming layoff wave is being attributed to low project volumes because of the Covid-19 pandemic. The oilfield services industry employs over five million people globally. Analysts at Rystad Energy predict that the contractors will drop at least 21% of their workforce.
According to Rystad Energy, the current tailwind in the oil market is likely to propel 100 new offshore projects to be sanctioned in 2018. These projects are geographically widespread and represent a collective capital investment worth $100 billion, with very little risk of not materializing. Moreover, the project costs have come down by 50% owing to streamlining of operations.