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Economic Contribution Of Oil and Gas

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The industry body Oil and Gas UK has commissioned professional services company EY to conduct a review of the economic contribution to the UK of Britain’s oil and gas supply chain.

With the industry’s value currently estimated at £27billion, data mined from over 1,000 companies across over 40 sectors will help provide an in-depth overview of the economic workings of the UK’s oil and gas supply chain. Research findings are expected to generate reports offering market insight into high-performance sectors into which UK companies can continue to grow.

As the oil and gas industry continues to thrive – nearly £13.5billion has been invested in 2013 to date – UK Business and Energy Minister Michael Fallon is amongst those confident that the oil and gas supply chain will have a significant contribution to make as Britain moves further into economic recovery.

Government and industry figures are keen to further develop strategies to harness growth through generating new jobs and improving export levels. The supply chain is said to be worth nearly £7billion alone in exports, and companies involved in oil and gas production, as well as those developing and selling technologies within the industry are amongst the firms looking to benefit from the sharp analysis the review promises to deliver..