This is just plain silly and is a good example of the hubris of economists. Their models are incapable of acurately respresenting the economic world they're supposed to be made for yet economists are happy to apply their nonsense to other disciplines. Mainstream economists not only didn't predict the economic crash but many had convinced themselves that a crash was impossilbe because of how brilliantly they were managing the economy.
This report - which is the type of fluff the Reg usually derides - seems to have been inspired by the increasing use of the term "factory drilling". Factory drilling is used to describe the massive productivity improvements that drilling has achieved through automation and repition. These improvements have been immense but it still doesn't justify the nonsense idea that oil production is no longer an extractive industry and is better described as a manufacturing sector.
This report is coming from someone who knows nought about the the oil industry, there are some simple clues like referring to Tengiz, an old field, when he clearly meant Kashagan and using the term "fracking rig" which belongs in a Guardian article.