Report: UK Oil, Gas Supply Chain Worth $59B
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."
View Full Article
WHAT DO YOU THINK?
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.
- EY Predicts What's to Come in Oil and Gas in 2019 (Jan 02)
- Despite Cuts in CAPEX & Revenue, Silver Linings Exist for US Oil, Gas (Aug 02)
- Report: Shale Gas Explorers Could Pump $55B into Britain (Apr 24)
Company: Oil & Gas UK more info
- Free Cash Flow on UKCS Could Be Over $12.9B in 2018 (Sep 11)
- Industry Body Outlines Mood of UKCS Oil, Gas Sector (Aug 28)
- OTC 2018: Oil & Gas UK Says UK Offshore Employment to Increase in 2018 (May 02)