Images in this archived article have been removed.
“Multinationals like Halliburton, Schlumberger, and Weatherford have shed tens of thousands of skilled workers that have centuries of combined experience. If history is our guide – and it’s a good guide—most of these people will find employment in other industries and never return, even when the text message, “When can u come back to work?” flashes on their mobiles… To be sure, workforce and equipment can be built up again in the future, but it will take time and money. What wounded service company is likely to invest in new parts and hire back people unless they are convinced that activity is going to be sustained?”
Peter Tertzakian – chief energy economist and managing director, ARC Financial