Economic Report 2000 Index

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Executive Summary Contribution to the UK   In 1999, oil and gas production accounted for 1.7 billion boe, representing some 84% of the UK's primary energy production.   The UK economy has benefited from £170 billion (2000 prices) in offshore taxes since the 1970s.   In 1999/2000 the Government collected some £2.6 billion in offshore taxes. Taking account of the increased price of crude oil the Treasury revenue estimate for 2000/2001 is £5.3 billion.   The industry has invested some £190 billion (2000 prices) in exploration and development of the UKCS since the mid-1960s.   Over the last decade the industry has accounted for some 18% of total UK industrial investment. Despite the decline in development expenditure in 1999 industry investment still represented 13%.   Industry data show that some 270,000 jobs were supported by theindustry in 1999. In Scotland, industry supported jobs represent some 7% of total employment.