Summary (1/4)

The UK offshore oil and gas industry makes a vital contribution the UK economy, providing energy for the nation, investment and employment

In 2004:

• The UK produced 725 million barrels of oil (2 million barrels per day) and 95 billion m³ of gas (259 million m³ per day)
• Was a net exporter of oil/gas products, worth £2 billion
• Ranked in the top ten global producers with total production of 3.6 million barrels oil equivalent (boe) per day

In 2005:

• The UKCS will produce around 3.5 million boe of oil and gas
• The offshore oil and gas industry is currently spending £5 billion to operate existing fields and investing over £4 billion in new production, both capital investment and exploration
• HM Treasury will receive over £7 billion in taxation (05/06) from the UKCS, compared with just over £5 billion in 04/05

The upstream oil and gas sector is a major employer both within the UK and for UK nationals overseas

Providing employment for 260,000 people:

• 30,000 directly employed by operators
• 155,000 employed by contractors and the supply chain
• 75,000 induced jobs from the economic activity of the above

Spread across the UK:

• 32% in Scotland
• 25% in the South East of England
• 11% within the North of England and East Anglia