No time for oil services to have ‘heads in the sand’

Firms are at a strategic crossroads over whether to focus solely on hydrocarbons or pivot towards low-carbon energy sources, according to PwC

Oil services companies are running out of time to plan for the long term and decide whether to remain focused on hydrocarbons or that their future lies in the burgeoning low-carbon sector. Consultancy PwC interviewed senior executives from across the oil services industry and found companies are at a “strategic crossroads” as the energy transition trend continues to gather momentum, for its Time to choose report, published yesterday. The strategic choice involves whether to solely focus resources on hydrocarbons—becoming ultra-efficient and digitally enabled—or pivot towards low-carbon opportunities such as those presented by offshore wind or carbon capture and storage. “The idea that