The oilfield services market could replace a large part of revenues lost amid the Covid-19 pandemic with energy transition projects since the oil and gas market is not likely to rebound to last year’s activity level until 2023, according to Rystad Energy.

The Norwegian consultancy said suppliers could diversify some oil and gas capabilities and replace up to 40% of 2019’s revenue by servicing the renewables markets.

For the research, Rystad analysed the activity of the top 50 oil and gas suppliers, which together earned $220 billion in upstream revenue in 2019, $100 billion of which originated from well services and commodities....