Report: UK Oil, Gas Supply Chain Worth $59B

Article title
A report from Oil & Gas UK and Ernst & Young finds that the UK oil and gas supply chain is worth $59 billion annually.

The UK oil and gas supply chain is worth $59 billion annually, according to a new report from Oil & Gas UK.

The trade body, along with corporate advisory firm Ernst & Young (EY), used data from businesses listed at the UK's Companies House to arrive at the figure for the report "The UK Upstream Oil and Gas Supply Chain – Economic Contribution". EY examined more than 3,000 companies actively involved in the supply chain, with more than half (1,585) of those companies identified as UK-registered and with at least 50 percent of turnover generated in the oil and gas sector.

$59 billion turnover was calculated for the upstream supply chain in 2012 (the most recent year for which accounts were available). Of this total, exports accounted for 42 percent – a percentage that has remained fairly constant over the last five years, according to Oil & Gas UK.

Oil & Gas UK Business Development Director Stephen Marcos Jones commented in a statement:

"Both the Scottish and UK governments recognize that to stay as a global leader, we need to continue to work together to promote our advantage in the oil and gas sector and increase exports, helping to create jobs and growth. 

"Just over half of the companies featured in this project are based outside Scotland and we are seeing very strong regional centers, in particular in the East of England, the North East and London, which act as hubs for fabrication, servicing the southern North Sea and commerce respectively."


12

View Full Article



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)
 -  Proserv Secures Series of Services Dea... (May 23)
 -  BP Urges Engineers to Apply for Trinid... (May 23)
 -  CGG to Support Oman Industry Workers t... (May 23)
 -  Wood Group Engineers to Carry Out Sakh... (May 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Chloride Sales Manager
Expertise: Business Development|Customer Service|Sales
Location: The Woodlands, TX
 
Shop Foreman
Expertise: Field Service Tech
Location: Midland, TX
 
Plant Manager- West Memphis, AR
Expertise: Field Service Tech|Production Operator|QA / QC / Inspection
Location: West Memphis, AR
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours