OILPRICE | The oilfield has historically been a place where brawny men, and mighty machines came together to bore holes deeply into the earth to wrest stores of oil and gas from the depths. This model, which developed over many decades of exploration and production activity carried huge costs, particularly as the focus of this activity moved into more and more inaccessible regions.The current oil crash and resultant industry consolidation, began in 2014, and continues to this day. Downturns are nothing new to this industry. The difference this time is the longevity and severity of this downturn has kept any real recovery from taking place in the broader industry. Companies have been forced into retrenchment after retrenchment in both the operating and service industry.
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