Oilfield services industry: how is the emergence of CCUS impacting the landscape?

With the energy transition well underway, the OFS industry has a vital role to play and is faced with the challenge to adapt. The Majors are involved in 117 projects accounting for at least US$60 billion* of investment. CCUS has a complex value chain, offering the OFS industry multiple opportunities beyond storage. Carbon capture, the most expensive step in the CCUS value chain, stays largely dominated by climate tech companies. Schlumberger and Baker Hughes have dedicated verticals for new energies and CCUS. Halliburton is mostly focused on leveraging core competencies for the energy transition. Big OFS unique approaches to collaboration should promote technological advancements in the CCUS industry. Stronger engagement with governments and NOCs supporting their decarbonization efforts, is expected in the future.