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."
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