Economic Report 1999 Index

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Contribution to the UK   The industry has invested some £160 billion (1999 £) in the UK since exploration began in the mid-1960s.   The UK economy has benefited by £160 billion (1999 £) from North Sea taxation since the 1970s.   In 1998 oil exports reduced the UK's trade deficit by £3 billion.   Over the last five years the industry has accounted for nearly 20% of total UK industrial investment.   Some 300,000 jobs throughout the UK are supported by the industry, of which approximately 30,000 are based offshore. In Scotland, industry supported jobs represent 7.1% of total employment.   Gas supplied by the offshore industry has made a significant contribution to the UK's ability to reach its Kyoto target. Emissions from power stations have fallen by some 12 million tonnes of carbon per annum between 1990-97 as a result of switching to gas fired power generation.