Oil & Gas UK Highlights the Importance of European Oil and Gas Industry

Malcolm Webb, Oil & Gas UK's chief executive, highlighted the vital role of Europes indigenous oil and gas industry in securing a diverse and secure energy supply for the region.

Addressing delegates at the 'Energy for a Changing World' conference in Aberdeen on Feb. 22, he said, "The importance of Europe's own domestically produced oil and gas and its contribution to the regions energy supply must not be glossed over. More oil and gas is produced in the UK alone than in Kuwait, Indonesia or Nigeria but this is often disregarded in policy making.

"Currently, European production meets 60% of its gas demand and a quarter of its oil demand. It should also be noted that the oil and gas sector provides high quality employment for over a million people throughout Europe, and hundreds and thousands are also employed by European energy companies across the globe.

"It is vitally important that the European Union has clear policies which support not only the case for the lower carbon economy but also encourage the European oil and gas production industry, so that the UK and Europe may continue to benefit in terms of security of energy supply, jobs and tax revenues."